Sell My Business – 7 Mistakes To Avoid in Las Vegas, NV

Published Aug 18, 22
6 min read

Sell My Business – 7 Mistakes To Avoid in Las Vegas, NV

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In my case, I signed up with the first broker I spoke with. He seemed like the perfect person to sell my business. After all, he had a background in retail (and that was my industry), he was friendly and best of all he came up with a BIG price tag.

By raising the price he got me to sign the contract but never made the sale. After six wasted months without even a lead, I finally decided to move on. Learning from my mistake, I interviewed 12 more brokers before signing another contract. The new broker had a more realistic approach and started to bring me leads within the first month (Can I Sell My House To My Business).

You are the best promoter for your business - Sell My Business Broker Near Me. Who knows your business better than you? No one is more motivated, passionate and knowledgeable about your business than you. A broker may be getting you some activity, but it's important that you continue to promote yourself as well. After becoming frustrated that leads were not developing, I realized that I had to be a promoter of my own business sale.

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How was I going to do that? Where do I find people that would be interested in purchasing my type of business? After I brainstormed for ideas, I discovered a way to do this. Realizing that my sales associates might make the first contact with someone that was interested in opening a retail store—I went to the source.

I offered a bonus to my sales associates to send me a buyer. Instantly the phone started ringing and more leads came in. Within a couple of weeks, I had created such hype that I had three different buyers working on buying the business at the same time. Retail is a tough business—much tougher than people realize.

The more planning you put into your sale, the better the price you will be able to obtain. Keep in mind that the prospective buyer will be very suspect of your reason for selling. Have your plan and strategy in place to eliminate any fears. Just like you started your business with a strong plan, sell it with a strong plan as well.

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Expecting to get top dollar for a business that generates little or no profit is simply using bad business sense. Consider your industry, similar businesses, the economy and your marketplace when pricing your business to sell. On the other hand, a business that does not generate profits may do well with a going-out-of-business sale.

Another mistake is to price the business too low. Often business owners will price their business low because they are burned out, suffer from an illness or did not get good advice. Do your homework first. Listen to brokers and consultants. Do research about other business sales before jumping in with both feet.

This may not necessarily be your BEST offer. Selling your business for top dollar with little or no money down along with an extended contract may lead you to lose it all. Business sales often go bad after the new owner takes over. The new owner may lack business experience, have a closed mind or be a poor leader.

How to Sell My Business in Las Vegas, NV

Are you looking to sell a business? There are several things to consider when selling a business before you ever put it on the market. First, if you own a small business, a broker may be required, so you have time to take care of what you know best–your business.

An independent valuation will give you a realistic assessment of the company's value. Most cases will require you to provide the most recent three years of your tax returns and financial statements (balance sheet and income statement, cash flow statement) You have two options for selling a business: selling it yourself or hiring a broker.

Otherwise, find a reputable broker. Multiple offers are beneficial for many reasons. The Small Business Association (SBA) lends a majority of business transactions. Sometimes, banks may require sellers to contribute some of the financing. So, don’t be too excited about the first offer and assume that the company will be sold.

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You should have your lawyer take care of the majority of this stage. A qualified appraiser will provide a detailed report with documentation to determine the company's value for a set amount (usually around a few thousand dollars). Here is an article about valuing a business. Meet some lawyers on our platform There are both benefits and disadvantages to selling your business either independently or through a broker.

Brokers can handle much of the heavy lifting, including prospecting and valuations in return for a commission. They also handle the sale and marketing while you continue to run the business. There are many ways to sell your business. Each niche is unique, but a combination of several options can lead to encouraging results.

Here is an article about where to sell a business. Below are critical legal issues you should consider before embarking on this process. After reviewing each issue, you will decide if you are ready to sell the business or need to make changes in the company or the management team before it is too late.

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Your company’s buyer will review your contracts, financial, and personnel records. The buyer will request a "due diligence list" with all information that they need to verify. Before you meet with potential buyers, it is crucial to sign a nondisclosure agreement. An NDA states that they will keep your confidential information in confidence for at least five years.

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The LOI will include details such as the transaction's structure, total purchase price, closing date, and other matters like escrow or indemnification. A portion of the purchase price is typically held in escrow for some time by a third party, usually 12-18 months. This is done to verify that the seller has fulfilled the warranties and representations in the business purchase agreement.

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