This article are provided for information purposes only, and are not intended as legal advice.


Should I use a business broker to sell my business?

April 8th, 2010

You would like to sell your business and you are debating should you business a business broker or should you sell your business by yourself.  Which option should you use?  Do you sell the business on The Business Place website or do you hire a business broker?

 

There are no wrong choices, there are advances of listing the business yourself and there are advantages of using a broker.  If you list your business for sale yourself, you will save commissions.  You will also be able to control who is told your that your business is for sale.  You have much more control of this feature if you are concerned about your customers finding out about your business for sale.

 

If you use a business broker, they will help you determine the asking price of the business.  If you sell it yourself, you will have to determine the selling price yourself or you could hire your accountant to assist you in this determination.  Business brokers may have ready buyers looking for your type of business.  If you sell your business yourself, you may not know any buyers however, if you know of a competitor, do you want to approach them directly or do you want a third party to approach them so that they do not know that you are for sale.

 

Selling to a competitor usually results in a higher price for your business for sale.  If you believe that you can sell to a competitor who you know and it has no impact on your customers, you may or may not need a broker.  If you do not know who to sell your business, you do not have any contacts, then you have a lot of working trying to sell the business yourself.  However, if you advertise your business for sale on www.thebusinessplace.com, there are buyers who are continuously looking for businesses for sale.  As long as you priced your business properly and provided lots of information to entice a buyer to contact you, this is also a viable option to select.


Filed under: Selling a business — Gary Landa @ 10:09 am


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