Q&A: Selling my business at retirement
Q: I’m looking to retire and I want to sell my business. How do I go about finding a buyer and what sort of terms do I set up to sell my business?
Edward, FL
A: Ah, so you want to enjoy the garden of life in your retirement. You will want to find a business broker who can assist you in the valuation of your business and locating a potential buyer for it. As a business owner, you know there are many ways in which you can cut a deal. You can work with your business broker to discover how much money you need and what sort of arrangements you can make with a buyer. If you want to talk to someone personally, you can call George Sierchio at Business Buying Help
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August 14th, 2007 at 11:05 am
It is critical that you engage an established business broker to assist you in the packaging, marketing, and selling of your business. Doing it yourself has significant problems written all over it. Regarding a business valuation, it is my belief that this should be conducted by an independent third party and not your broker. There are all types of emotions involved in the sale of a business; a business priced too high will have minimal buyer inquiries and sit on the market way too long…..a business priced too low will result in the seller leaving significant monie$ on the table. Most brokers should have a strong relationship with a reasonably priced, reputable firm that is well versed at business valuations. You will also need to plan your exit with the counsel of your attorney and financial planner &/or CPA.
If you have any questions about valuation or selling, feel free to visit our website at www.fairmarketvaluations.com.
August 14th, 2007 at 11:10 am
Thanks Scott,
I checked out your website and it seems to be filled with a lot of great information. Anyone looking to buy a business or sell their business should review the website to gain a better understanding of the process.
Damon