Get in the Running to Sell Your Business
With the London 2012 Games just around the corner I was lucky enough to be a guest at a talk given by Olympic Silver Medallist Roger Black this week. One of the themes running through his presentation was the importance of taking opportunities when they present themselves. In the business sales world the best way to take advantage of opportunities is to create them yourself and you can do this by putting your business on the market.
This week I have carried out several business valuations for individuals who are unsure whether now is a good time to sell or not. Indeed, a couple of them were unsure as to whether they wanted to sell at all and were merely obtaining a valuation so that they could way up the options available.
If you are in a similar situation then my advice is to put the business on the market. This is the surest and quickest way to satisfy your curiosity. No-one will make you sell the business if you don?t want to so, if the offers are on the low side or don?t meet your expectations then don?t accept them. On the other hand you may be pleasantly surprised by the offers and so agree a sale.
It is a win win situation in that you either sell the business for a price that you are content with or, the business doesn?t sell and so you know where you stand and can plan the future accordingly.
Quite often business owners think that if they are in a good enough location or the business is well enough regarded that a buyer will walk through the door with a blank cheque. I represent buyers too and I can tell you that this doesn?t happen anywhere near as often as it used to. If you are holding out for this I would advise initiating a Plan B.
Speak to a local Business Transfer Agent about possible opportunities in your sector. What is demand like? How long are businesses like yours taking to sell and is it worth putting the business on the market speculatively?
If you?re not in the race you can?t win it and if your business is not on the market you can?t sell it.
Jason Roberts is Managing Director of Roberts Commercial Ltd and is a Business Transfer and Commercial Property Expert. For Free advice call 0191 280 3285
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