Tuesday, May 2, 2017

5 Steps to Selling your Business in Florida

The state of Florida has a highly diverse adult labor force of approximately 10 million people or so, and most of them are highly educated and skilled workers in their own right. This is why there is an ever increasing and steady proliferation of businesses all over the state.  
As the population of highly skilled workers rises, it generates an increasing demand for goods and services in all the urban centers of the state, as a whole.  As of today, businesses have never had it better in Florida and prospective buyers are ever eager to purchase established businesses in the state.
Selling Your Business in Florida

However, here a word of caution is advised. It is considered prudent to hire the services of an experienced Business Broker to assist and guide the seller throughout the entire sale process. This would help ensure that the seller would be able to invest all his time and energy in his work so that revenue generation activities do not suffer a hit, thereby maximizing the potential of a highly lucrative and easy sale.  This way, the seller would have sufficient funds accrued at the end of the day to invest in other even more profitable ventures
Here is how a business broker can help you sell your business not just quickly but also at a great price as well:

1.     Establishment of fair market price 

You must remember that the sum is greater than the parts. That is, the value of your business is higher than the assets you possess, such as furniture, office equipment, and other fixtures. To determine a fair market price, it is very important to have profound insight on that target segment of the market and that is where a business broker comes in, he not only understands the nitty gritty of your industry but based on his knowledge, he can generate a fair assessment of the same.  

2.     Helps draft a confidential memorandum 

This is a brief summary of your business and it would answer the most important questions a potential buyer may ask.

3.     Creates a factual report

He will help you perform a ‘due diligence’ check of your own business so that you may be able to understand exactly where you stand in terms of buyers’ estimation of fair value.  

4.     Conducts negotiations

A business broker would be on hand throughout the negotiation process and would help draft the terms and conditions for many points such as the total time the seller stays with the business, the final price to be agreed upon, the time period required to vacate the premises and so forth.  

5.     Final closing of the deal

There is a lot of paperwork involved when it comes to closing the deal. A professional business broker well versed with all the laws that apply to business in Florida would be able to make sure that all the relevant documentation has been correctly done and the proper paper is in place so that your sale is smooth and easy. 

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