Yes, you can sell your business on your own, but you have to do it in a proper way. As a professional business broker, I have many clients with quality businesses that come to me after failing to sell their businesses on their own. The flaw in their endeavor to selling always comes down to the same basic things, including professional presentation of the business, inferiorly presented financial information, pricing the business wrong, and not realizing how do you sell your business.
When a prospective buyer contacts you, you don’t want to just fax over some scattered pieces of paper. First impression matters. Whenever I am concerned about how to sell my business online, I require a genuine, professional marketing presentation of the business.
What is the net worth of your business? This is the most vital question even I will ask myself while looking for a broker to sell my business. Many of us have a wrong idea about the worth of our business, but sadly, we are generally wrong. Pricing your business is one of the most vital steps in the process. If you put a price tag on it that is too low, and you’ll be fooling yourself.
When you close the deal, this is where a good business broker earns. Keeping the deal together until you get to the closing table is important. But business owners are basically smart and hardworking people. If you know and pay attention to the details, you can make it happen. You require a proper outline of the selling process and access to vital documents such as letters of intent and asset purchase agreements, and before committing yourself to a binding agreement, the advice of a lawyer and CPA with experience in business sale transactions.