Pueblo, Colorado, Business Brokers

Pueblo Business Brokers

Keys to Successfully Selling Your Business

• Provide potential buyers with detailed information: At Morgan & Westfield, we always recommend that you have your business’s information prepared before you begin the process of selling your business. This information is crucial to the process of selling your business and it must be accurate. Detailed financial information, historical records, statistics and product information will be used by our business brokers as we appraise your business and help you to determine the financial value of your business. Some of this information will also need to be communicated to potential buyers to assure them that your business is a sound investment.
  
  
• Protect your privacy: As you are selling your business, it is important that steps are taken to maintain your privacy. At Morgan & Westfield, we consider maintaining your privacy to be of the upmost importance. All of the information that we receive about you and your business is held in the strictest confidence, as is outlined by the International Business Brokers Association’s code of ethics. We take great care to maintain your privacy as we advertise the sale of your business and communicate with potential buyers on your behalf. As part of this practice, we only include general information when advertising your business, and we require anyone who receives specific information to sign a confidentiality agreement. Our business brokers also recommend that you do not tell anyone that you are selling your business until after the sale has been finalized. This will protect you and your business from any information leaks and prevent competitors from taking advantage of the sale of your business.
  
  
• Understand pricing: One of the most important aspects of selling your business is determining your asking price. After our business brokers have completed your business appraisal and presented you with a formal business valuation report, we will help you to determine an asking price. Setting your asking price is very complex. Our business brokers must take into account your business’s cash flow, the fair market value of your business’s tangible and intangible assets, your location, competition and your business’s established customer base. In addition to determining what your business is worth, we must also consider the amount that potential buyers will be willing to pay. This is crucial, because potential buyers will only consider buying your business if they believe that it will be profitable for them. Setting a price that is too high will prevent buyers from making a profit, and setting a price that is too low will cause you to lose potential profits. Given the complexity of determining the value of your business, it is advisable to seek the guidance of our experienced business brokers in determining the asking price for your business.
  
  
• Be prepared to negotiate: When you begin discussing your business with potential buyers, be ready to negotiate. Understand that an initial offer is just the starting point. Our business brokers encourage our clients to remember that this is a business negotiation. When a buyer makes an offer, they are expecting you to make a counter offer. Neither side should ever expect that the other will accept either the initial offer or the initial counter offer. In nearly all business sales, a back-and-forth negotiation will be required to reach a mutually beneficial deal. At Morgan & Westfield, we believe that the best deal for both sides is the deal that is properly negotiated.
  
  
• Do not take negotiations personally: Along with being prepared to negotiate, our business brokers also make it a point to remind you not to take the negotiation process personally. Never be offended by a low offer. You should always consider any offer to be an invitation to negotiate further until you reach a mutually beneficial deal. You should also remember that this is a business decision for both the buyer and the seller. So the buyer is going to try to negotiate in a way that maximizes their profit. This should be expected, and you should remember that as long as the buyer is making an offer, they are interested in negotiating a deal to purchase your business. We understand that negotiations can be emotional and stressful, but that is why our business brokers are there to facilitate negotiations for you. At Morgan & Westfield, our business brokers will advise you on negotiation techniques and support you throughout the negotiation process. We will be there to remind you that any offer represents an opportunity to negotiate further and to never be insulted by a low offer.
  
  
• Get help from local business brokers: When you are selling your business, you should always seek the guidance of a professional business broker. But even more, you should seek the guidance of a local business broker who understands the local market place. Working with a business broker who understands the advantages and the challenges of selling a business in your market is crucial. In fact, one of the most important things that a buyer considers when they are purchasing a business is the business’s location. Having the guidance of a local business broker will aid you in highlighting all of the advantages that your location has to offer, thereby making your business more appealing to potential buyers. Local business brokers like the business brokers at the Pueblo, Colorado, office of Morgan & Westfield will also use their local connections to ensure that the process of selling your business continually moves forward. These connections are connections that non-local business brokers may not have. Non-local brokers may be unable to take these steps to ensure that your business is sold successfully and without any complications.