I am going to suggest that all business owner should at least try selling a business privately. There are many advantages selling a business privately and saving money on commissions is one of them.
With the power of the internet, selling a business privately is fast becoming a popular trend!
although the internet has become a little economic village, the services of a broker is still very essential in that he has the skill to communicate prices to potential buyers and get you the best price in the market for the commodity, and remember not every potential buyer is on the internet. In addition, the broker can be sued in the event that any kind of fraud surfaces in the transaction.
A good broker will earn his or her commission many times over.
Prospective purchasers can be reluctant to ask the owner difficult or sensitive questions about the business or financial transactions.
Sometimes it is difficult for the purchaser to say directly to the buyer - "I'd like to make an offer" and so a sale will be lost.
The broker can bridge that gap and provide a valuable conduit role.
The broker can advise the owner on the presentation of the business, the accounts, marketing etc.
After failed attemps trying to sell with a local broker, I ended up selling my business privately through a business for sale website here in the US. It literally cost me about $200 to upload a listing and I saved about $65,000 not going through a broker.
Once I found a buyer, I let my Lawyers do the rest.....easy!
In reality most brokers these days advertise on business for sale website anyway, so if you have the time to handle the enquiries and want to save some serious money, give it a go.
If it's a small to medium size bus then sell it privately mainly because you the owner know it inside and out. The owner is the person who knows everything about the bus and will be able to anwer all questions to any prospective buyer.
If it'a a large bus and there are several owners then it might be best to hire a broker to come in and talk to all the owners so they can get a feel for the entirely of what the business does.
It depends what you mean by small or medium. If its just a few tens of thousands then thats a good idea.
Whilst its true that owners know the business inside out, the problem, as I see it, is if owners try to sell their own business is that they are too darn close to it and can get quite defensive. Therefore prospective purchasers have trouble getting good answers to their many questions.
Just another viewpoint!
Its true that business owners may have an emotional connection, but assuming that a business owner will not honestly or openly provide information about their business is unfair and you shouldn't tar all business owners with the same brush.......
In general, I would assume any business owner wanting to sell their business would be doing everything in their power to make it a smooth transaction.
A lawyer is a must, but try selling a business privately before contacting a broker. What do you have to lose????
Many people who are looking to sell a business are looking for information on how to sell a business Privately, as they want to make sure that they are able to make the maximum amount of profit from the sale and they want to make sure that they don’t have to pay exorbitant commissions because after all, they’re business people.
- see more @http://forsaleforlease.com.au/business
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