What to Expect in the First 90 Days of Selling a Business
The initial 90-day period for a new business listing is an important time for both the owners and intermediaries. This is not a time to relax and wait for an offer from a buyer. It is a time to tighten things up with this business and ensure the numbers are looking strong for those who are likely to submit an offer. Because potential buyers are generally more attracted to opportunities when there is a current growth trend in earnings and or revenues, we as intermediaries encourage the owners to ensure the company looks as enticing as possible on the inside and out. This makes it much easier to show potential buyers they will receive a return on their investment and gives the seller a chance at making as much on the sale of their business as possible.
Along with the expectation of keeping strong numbers on the books, our clients can also expect to start becoming involved in certain aspects of the sales process. This typically comes in the form of holding meetings with potential buyers in order to answer any questions they may have regarding the business. However, before those meetings are set up, the intermediary will put all potential buyers through a vetting process in order to ensure our client’s time is not wasted on meeting with insincere inquirers. PBB’s intermediaries understand our clients are busy and do not have time to sort the hard buyers from the soft browsers while continuously marketing to those who possess real interest. PBB’s team of intermediaries also monitor market activity and buyer expectations in order to ensure there is a natural fit between all involved parties, which takes a large amount of worry away from our client and puts them at ease.
Another final factor one should consider during the first 90 days is there will be times the selling price may need to be adjusted, which depends quite a bit on the initial 30-45 days activity for each specific opportunity. Even businesses that are considered to be priced “right”, in a traditional sense, there may need to be an adjustment of the asking price to align with the current market environment. Many factors can affect that environment, but the most critical aspect to maintain control is to manage expectations with both the market and sellers. Premier Business Brokers is dedicated to ensuring our clients are protected and well-informed in the process of selling their respective businesses. If there is ever a question that arises, our clients can be assured our intermediaries will be able to answer their inquiries and mitigate any concerns in order to provide a smooth and painless selling process. If you’re interested in selling/buying a business or simply have questions about our services, get in touch with us at www.premierbb.com