Blog

3 Top Tips for Selling a Small Business

Are you planning to move up a gear in your entrepreneurial journey by selling your existing business? We know this can be an intimidating process. How do you make sure you follow the right process while ensuring a good outcome? With over 10 years of experience in business broking, here are a few of Joshua’s best tips for making sure your business sale process is as seamless as possible.

1. Know your goals

Before making your first move, take some time to plan. What’s your desired sale price? Which kind of buyer would be a good fit? By which date would you like to have sold? What assets will be included in the sale? The more information you can provide, the easier it will be for a broker to assist you. Once you’ve gathered this information, a broker can help you to understand pricing in the current market and how to achieve the best outcome. In a constantly changing environment, expert information is critical to pricing correctly. By knowing exactly what you wish to offer, a broker can also target the best market for your product and ensure a quicker turnaround time.

2. Confidentiality is key

Handing over intellectual property and detailed information about your business to a stranger as part of the selling process feels daunting for a reason, but you shouldn’t need to rely on trust. Ensuring prospective sellers sign confidentiality agreements is essential to legally protecting you and your business. Protecting the intellectual property of your business is important not just in the short-term, but also as you continue to develop as a unique player in the market. Here at JS Business Brokers, confidentiality is utmost in the process we guide vendors and buyers through. As a bonus, our seamless legally-binding processes mean you can concentrate on what really matters – let us handle the paperwork so you can focus on planning your next move.

3. Choose a broker who puts you at ease

A good broker doesn’t just sell your business, they walk you through the journey of selling with utmost care and thorough communication. From listing to settlement, they should be a trustworthy go-to expert for everything to do with all the nitty-gritty details of the sale process. They should be approachable, warm, knowledgeable and able to steer your business toward a successful transfer in a timely manner.

At JS Business Brokers, we understand that you need someone readily available to answer questions and solve issues as they arise. We pride ourselves on being responsive, personable and able to offer guidance and advice at all stages of the process. No question is too big or small, and we are passionate about assisting entrepreneurs to achieve results which honour their hard work and dedication. We know it isn’t just a business, it’s your livelihood.

For more information and advice, you can contact us on 0415 646 977 or at joshua@jsbusinessbrokers.com.au.