If you are considering selling your business, then you need to make sure that you consider all of your options before listing your business. When most people think, “I want to sell my business”, their mind immediately moves on to hiring someone to help them as they think this is really the only way to go about selling a business. However, while this may have been the case in the past, it is far from the truth nowadays.
The internet has made it easier than ever to buy and sell goods, and businesses are no exception. This is why more and more business owners are starting to turn towards the internet as a way to list their business and get in direct contact with potential buyers. The truth of the matter is that if you have a little patience, you can easily sell your business privately, without the need for a business broker, and end up making much more money on the sale than you would have otherwise. If you are still not sure and thinking about hiring a business broker to help you complete the sale, take a look at the reasons for choosing private business sales below, and you will most likely be converted.
Reason #1 – You Don’t Have to Pay Commissions to the Broker
This first reason should be enough to convince the most fiscally conscious business owner. When you hire a business broker to help you go about selling your business, you will have to sign a contract guaranteeing the broker a certain percentage of the sale as their commission fee. The problem is that these broker commission fees can be incredibly high, and they will end up taking a fairly large portion of the profit you should have made from the sale. Luckily, you have other options which will allow you to avoid these commission fees and keep most of the money from the sale for yourself. The best way is to look online for private business sales websites or for sale by owner websites. There are a large number of these sites out there, and they will allow you to create a listing for your business for only a small fraction of what you would otherwise have to pay in commission fees.
Reason #2 – You Know Your Business Better Than a Broker
Another reason you should consider not using a business broker is that you will know your business much better than a broker could ever hope to. Most business owners know all of the details of their business inside and out, and who better to have try to sell your business than the person who knows the most about it. Any potential buyer is going to want to know all of the details about the business, and of course, the owner will be able to provide them with much more accurate information than any broker would be able to. Selling your business privately online will give you the ability to direct any potential buyer to the positives of your business, and enable you to really sell it based on your experiences. After all, potential buyers will want to hear everything straight from the owner, and they will be more likely to buy after hearing the details from you, not from a broker.
Reason #3 – Sell Your Business Faster as You Don’t Have to Wait on the Broker
The last reason that you should consider trying to sell your business yourself is that the entire process of the sale can go much quicker and smoother if you, the business owner, is present during the negotiations. Even with a broker, you will always have the final say on the terms and whether or not the sale takes place, but you can speed things up quite dramatically by completely taking the negotiations over. This way, you can the buyer can negotiate directly, without having to wait for the broker to deliver counter offers and such. No other way of selling your business will give you so much control over exactly how the sale takes place.
After looking at all of these reasons, it is a wonder that business brokers still exist, as selling your business privately is definitely the most cost effective way to go, and one of the easiest as well.