Are you thinking about selling your small business?
For the majority of Saint Louis small business owners, the day finally arrives when it’s time to retire, pass along your business or sell it outright. It’s not an easy decision or one that should never be made in haste.
Here are the top five questions you need to answer before considering selling your St. Louis small business:
- Is your business ready to go on the market? This is a big one and for some pretty obvious reasons. If you want to maximize your returns and realize the best sales price for your small business, you have to do some homework. Find your tax returns for at least three years. Take an inventory of your assets and liabilities.
- Is your timing good and is the market favorable? This is really important and often overlooked in the haste to sell. Selling at the bottom of a market or when a business is struggling through a rough year, is not recommended. Selling when you’re profitable and at the peak is the best strategy. There are no crystal balls, but if your business is based on certain trends or industries, you need to take that into account in making this decision.
- Are you willing to stay on in some role to complete the sale? Would you consider staying on as a consultant or advisor as the new owner “learns” the business and transitions?
- What are the obstacles to a sale? Who owns the business? Are there investors, contractors, or any third parties that could slow, hinder or even derail a sale? If so, get your ducks in a row ASAP.
- Who do you approach or choose to help you sell your St. Louis small business? An accountant? A lawyer? Or, a business broker? Accountants and lawyers can be helpful with some tasks, but they lack the largest database of businesses for sale and the thousands of vetted buyers we work with already.
At Saint Louis Group Business Brokers, we have successfully helped thousands of St. Louis small business owners just like you, evaluate, market, and sell their small businesses to motivated, vetted buyers.
We are the oldest, largest and more successful business brokerages in the St. Louis metro area. We provide a free realistic market valuation, proper marketing materials and we only get paid when you do. We also have the largest database of businesses for sale and a pool of pre-screened buyers.
Call Dennis at (314) 842-3802 to learn how we can help you sell your St. Louis business.