Selling a business isn’t easy. In fact, according to the International Business Brokers Association (IBBA), up to 90% of businesses never sell at all.
If you are thinking of selling your own company, you don’t want to become one of the 90%. This is why it’s so important to understand the reasons other businesses have failed and find a business broker who knows how to help you close a profitable sale.
Poor Financial Reporting
Messy, outdated, or imprecise financial records can tank an otherwise promising business sale. No buyer wants to see financial information that has clearly been mismanaged or neglected. The state of your financial records reflects upon the entire state of your business, and you will struggle to find a committed buyer without clean and refined financial reports.
Lack of Planning
Although most business owners have 80 to 90 percent of their financial assets tied up in their businesses, very few have developed exit plans. The need or desire to sell your business isn’t always predicted or expected, but a professionally developed exit plan will help you initiate your sales process with focus and strategy.
Inefficient Broker Strategies
Business brokers are supposed to use their experience, training, and natural talent to help you sell your business, but unfortunately many brokers prove ineffective. The following signs indicate that a broker does not have your best interests in mind:
Get the Right Help Selling Your Business
Selling your business might be challenging, but it shouldn’t be impossible. In order to remain within the 10 percent of business owners who do successfully sell their companies, you need to partner with a business broker like Tampa Business Broker to receive the attention and dedication you deserve.
Tampa Business Broker works with business owners in industries ranging from food production and medical practices to education and real estate. Owned and operated by former entrepreneurs, the Tampa Business Broker team is attuned to the local and national markets and brings all of the tools, strategies, and connections needed to expedite an efficient and streamlined sales transaction.
Call (813) 750-0275 today to speak with a broker at Tampa Business Broker and discuss your unique needs.