Selling your business can be an exciting time and, for many business owners, it is often more of a new beginning (and a chance to follow your dreams!) than a sad farewell. But despite all the positivity surrounding this major turning point, many business owners find the process of selling their company stressful, worrisome and downright nerve racking. Knowing how to run a business is one thing. Knowing how to sell a business is quite another.
Having sold my own companies over the years, I know that navigating the sales process can be tricky. If you’ve never done it before, it can be particularly daunting. Working with someone who has a comprehensive understanding of, and expertise in, the intricacies of these often lengthy, complex transactions with a proven track record is essential.
At Rocky Mountain Business Advisors (RMBA), we live and breathe by our 8-Step Process. As a trusted intermediary we use this process to facilitate successful, lucrative sales for the business owners we serve.
When you’re considering selling your Colorado-based business – whether it’s two, five, or ten years into the future – we’ll help you navigate the entire process.
Let’s take a deeper dive into the first three steps at RMBA of how to sell a business:
Step 1: Goals Discussion. In our years in the industry, we have learned that no two businesses (nor business owners) are alike. We use a keen ear and ask the right questions from the onset to acquire a complete understanding of your operations, numbers and goals for the business and for yourself. This first step is vital in enabling us to target well-qualified buyers while respecting your needs.
Step 2: Price Determination. Valuing your business is often as much an art form as it is a science, but is of course a critical step when preparing to sell your business. Low-ball valuations threaten the dignity of your business, leave money on the table and jeopardize your ongoing financial security, while asking for the moon alienates even the most qualified potential buyers.
Step 3: Confidential Executive Summary. After our extensive research of your business and understanding your goals, we create a high-quality, buyer-facing Executive Summary that reflects the vital information related to the sale of your business. Well-qualified buyers are provided the accurate data they need with the polish your business deserves.
At RMBA, we are inspired by the businesses our clients have built and are dedicated to creating a respectful, smooth process from start to finish to those who are ready to sell.
Stay tuned for our upcoming article on the important next two steps on your way to a successful sale.
Please note: Our business brokers represent buyers and sellers of businesses in Colorado, Wyoming, and New Mexico. Our office is in Denver, Colorado.