- May 22, 2017
- Posted by: admin
- Category: Sell Your Business
Any Las Vegas business broker will tell you that selling a business can be a complex process, but not everyone has the time to put into the involved process. It is possible to exit a business fast, but you may need help and advice to accomplish the task.
Despite a positive outlook for small businesses in the future, many businesses are forced to sell, and sell quickly for one reason or another. Read some tips from professional exit planning advisors on how to sell your business quickly and get the most out of your efforts to be confident with the results.
Finding Likely Buyers
One option in a quick exit strategy is to actively seek out potential buyers. You might already know competitors or individuals who are willing to take over your business, and may even be actively interesting in acquiring it. Let them know you’re looking to sell, but be informed, this will give them inside knowledge about your sale which could put you at a disadvantage.
Take on a Partner
You could also bring on a partner rather than selling outright. After you get them up to speed and ready to take over, let them buy you out. Make it a part of the arrangement from the start, so that there aren’t any surprises when the time comes to make your exit.
Sell to Staff
You may well have employees who are qualified, eager and responsible enough to take over the company. If any of them are interested, you can work out a deal to sell to them. This can be done in a number of ways, from employee stock programs to gradual payouts and more. Licensed business brokers can help you work out a solid plan to accomplish this.
Offering incentives to sweeten the deal can shorten your sale time. From lowering the asking price to offering extra assets like equipment, providing training to the new management or staff, allowing the purchase to be financed and more all provide options for selling your business fast. Before considering incentives, work with certified valuation advisors to get a solid understanding of what your business is worth.
Liquidate the Business
If all else fails and you can’t sell the whole business fast, there’s always the option of liquidating the business assets. This is generally a last resort, but can be a viable strategy. You don’t get anything for your brand or customer relationships, but you can at least recover some cash through a “going out of business” sale.
Have an Exit Strategy in Place
Of course, your best bet should you need to exit fast, is to have a strategy in place from day one. While nobody starts a company with the intent of closing it down, planning for that eventuality should be an essential part of your startup plan. To get the best results from your shut-down or business sale plan, talk to qualified exit planning advisors. If you’re starting a new business, or are looking for a fast sale, contact Schwartz Strategy and Valuation today.