Maybe you aren't getting the satisfaction from your business that you used to get. Maybe you'd like to change your life style, try a different career. Perhaps, you don't have the same motivations that you had when you started or you have that old song has been playing in your mind that says, "Is this all there is?"
Whatever the reason, many business owners - including you perhaps - are considering selling their businesses.
It is estimated that 2 million businesses will be sold this year. Once you've made the decision to sell you will then need to decide whether to sell it yourself? Use a business broker? Or try a combination of both?
You are still the best person to sell your business. No one can answer potential buyer's questions better than you. The problem is the time and effort it will take to get to that stage. Dealing with each and every inquiry yourself, and let's face it, you have to because you just never know, can be a time consuming and frustrating experience. Also, handling the sale yourself will, in a short time, alert your employees, suppliers, customers, and competition that you are selling. If you can afford such exposure fine, do it and save yourself some money. But keep in mind if you are unable to find a buyer the damage is done.
You can avoid these problems by contracting with a business broker. They will handle all the advertising, initial inquiries, maintain your confidentiality, and qualify buyers. For these services, a traditional business broker will expect a commission between 10%-12% of the sale price, with a $10,000 minimum. Of course, you don't pay unless the business sells. But you will be required to sign an exclusive right to sell agreement which will commit you for at least 6 (six) months. The traditional business broker has been the choice of most small to medium size businesses in the past. There's a good chance you used one to buy your present business or at least sought out their services when you were looking. Why not, you weren't paying, at least not directly. Only you will determine whether the cost is worth it. However, there is a third option that has been made possible by the growth of the Internet.
Researchers tell us the Internet has replaced the newspaper as people's first choice for information and so someone looking to buy a business today goes on the Internet to do their search for what's available. The listing brokers found on the Internet are of 2 (two) types. Those that post your business for sale and on their site for a flat fee and maintain your confidentiality by having all responses go to them. They do the same initial work screening and qualifying buyers; answer initial questions, and passing this preliminary information to you. You then, based on the buyers declared interest, broker finances, timetable, experience, etc.; determine whether you think the individual is worth contacting. The great thing is you have no further obligation to the listing broker. Nada, nothing. If you sell the business you simply advise the broker who in turn removes the ad. If not, the ad continues to run until the business sells and/or you have change of heart. And it gets better. As we said, there are two types. Besides those Internet brokers who only list your ad on their site, there are ones, who for a slightly higher fee, list your ad on the largest national business for sale sites on the Internet in order to get maximum exposure. Let's face it exposure is the name of the game. That's why you're on the Internet in the first place, so why advertise on only one site, to be seen by thousands of potential buyers or, for a few dollars more, have it listed on multi-sites for tens of thousands of potential buyers seeing it monthly. It only makes sense. WWW.TheBizexchange.net offers the business owner just such a service.