In Part 1, we talked about pre-planning your sell. Part 2 of the “Secrets of the Sell” series deals with the next step after your initial preparations. You know that your business is going to have a good value but with the economy today, you may just have trouble with regard to finding a decent buyer. So who should you be looking at to sell your company at a good rate? It’s not just about the price as well. Depending on how you go about your sell, you can also get a lot of intangibles as well.
First off, you may want to start to look at your own family. Okay, there are already some of you who are probably thinking about how messy family transactions can be especially since a sale to family members usually involves a “family discount”. However, what’s the greatest intangible you can get from selling to the family? The answer is LEGACY. If you built something from scratch or you made something work wonderfully, you’ll probably want the name of that success to be related to you and your loved ones and if that’s an intangible that you’re after, then you’ll know that’s worth all of the trouble. Aside from family, you can also look at selling the business to a current employee. It’s an attractive intangible that you’re selling the business to someone who was PART of the business and knows how it works making the sale seamless to partners and customers alike.
There’s more to consider than just price when you’re selling as the above examples have shown. Familiarize yourself with the possible intangibles you can get with different kinds of prospective buyers and you can truly get the most out of your sale.
About Brightblue Transition Solutions
Located on Vancouver’s North Shore we are the premier business broker in the lower mainland, contact us if you need any help buying or selling a business in the greater Vancouver or lower mainland areas.