On Deal Talk, we often hear from former business owners who have sold their companies or professionals who are dedicated to helping entrepreneurs sell their...
The Complete Guide to Selling a Business: An Overview
Selling a business is a complicated process. Even if you hire brokers like us to sell your business, it’s still imperative for you to understand the process before, during and after the sale. You can’t simply hire us or another broker and blindly let us handle everything.
As an owner, you have a tremendous amount of responsibility to participate in the process regardless of who you hire to help you out. With almost two decades of experience in helping entrepreneurs sell their businesses, I learned that most of them had been thinking about actually selling their business, but never thought about preparing for the sale.
Is this book written for you?
If your business has a revenue of less than $25 million, then this book is for you. Whether you’re selling your business now or you’ve been thinking about selling in the next five years, you will gain useful and actionable insights from this book.
What will you get from this book?
Sell your business without stress. The process of selling a business is complex and can be extremely stressful, especially if not handled correctly. On this book, I explain the entire sale process in simpler terms to help you understand what happened before, during and after the sale.
Anticipating what’s going to happen, e.g., how you should qualify buyers or how you should choose the right seller financing, etc., can definitely reduce, if not totally eliminate, stress in the process.
Be more confident in selling your business. The overwhelming majority of business owners do not have a solid grasp of the fundamentals of selling a business. One of the major reasons for this is that existing books out there are either based merely on theories or intended for very large million-dollar companies.
Because this book is grounded in my nearly 20 years of actual experience handling successful deals, and targeted at businesses with revenues below $25 million, you can be confident that you will get only practical, concrete advice and actionable insights that you can implement in whichever stage of sale you are.
Discover what you don’t know about your own business. There are things about your own business that you will discover only once you take a seller’s hat on. You’ll see your business from a totally different perspective as you better understand how the process can be simplified and as you implement practical advice provided in the book.
Your most pressing questions answered in the book
We get asked the same questions over and over by business owners looking to sell their companies. We compiled all of their questions and answered them thoroughly in this book. These questions include:
How important is preparation in selling a business?
How long does it take to sell a business?
How do I ensure buyers are qualified?
How should I hire a broker? When is a broker necessary and when are they not needed?
What’s the best way to negotiate with buyers so I wouldn’t leave money on the table?
How should I structure notes or seller financing so I am protected?
How do I get the most exposure for my business while keeping the sale confidential?
What happens to debts when selling a business?
Can you sell your business without a broker?
In a few situations, selling a business on your own is a wise decision; however, in many instances, hiring a broker is the best way to maximize your profit from the sale.
How has selling a business changed in the last few years?
The Internet has completely changed the industry and the process. Technology has a significant impact on almost every step in the sale -- from how a business is advertised, to how buyers search for businesses to buy, to how you obtain financing. Unfortunately, the industry has not kept up.
Through this book, I hope to help you make intelligent decisions about one of the most significant decisions you will ever make in your life --selling your business.
― Jacob Orosz, Morgan & Westfield