Selling Commercial
Start with a reasonable asking price
Many business owners put ridiculously high asking prices on their businesses. They are making a serious mistake. A high asking price scares away many potential buyers. It means your business may remain on the market for a long period of time and will make other potential buyers wonder if there isn't some hidden problem with your business that has kept other prospects from negotiating a deal.
Be sure you are serious
Deciding to sell your business is not a decision that should be taken lightly. Selling a business will take up a lot of your time and effort. It will probably cause some business disruption, especially when employees, customers, competitors, and vendors are aware that your business is for sale.
How long does it take to sell my business?
Selling generally takes an average of 5-8 months for most businesses. The sooner you have all the information needed to begin the marketing process, the shorter the time period should be. The lower the down payment, the shorter the time to a successful sale. A reasonable down payment (generally 40% or less) also tells a potential buyer that the seller has confidence in the buyer's ability to make the payments.
Prepare statements and other information in advance
Be sure you have done your homework before you run the first advertisements announcing the sale of your business. Your first prospects may be your best prospects. Be sure you have prepared financial statements and literature promoting your business. A buyer will want up to date information.
What happens when there is a buyer for my business?
When a buyer is sufficiently interested in your business, he or she will submit an offer in writing. You may accept the terms of the offer or you may make a counter-proposal.
Seller Financing
Surveys have shown that a seller who asks for all cash receives an average of 70% of the asking price, while sellers who accept terms receive on average 86% of their asking price. Most sellers are unaware of how much interest they can receive by financing the sale of their business.
