S7 W2 E5-8 Selling Your Business (The Entrepreneur’s Edge) with Bill Kelly - Expert Advice on Buying and Selling a Business

The Entrepreneur’s Edge with Bill Kelly
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Expert Advice on Buying and Selling a Business on the IBGR.Network ...The World of Business at Your Fingertips

Week 2 Episodes 5-8 - Selling Your Business 

Welcome to week 2 of the Entrepreneur’s Edge 
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Quote of the Week: “The best thing you can do is the right thing, the second-best thing you can do is the wrong thing, but the worst thing you can do is nothing.” - Theodore Roosevelt.

Episode 5
When is the Best Time to Sell My Business?
When it is best for the Seller. 

1. Sellers frequently ask, “When is the Best Time to Sell My Business?” … a very important question. But the answer is different for each Seller.
   
   
   
2. The best time to sell is when things are at their best!
   When your business is a Money Machine.
   
   
   
3. Contact a business broker early and Make a Plan.
   The way a business is marketed and presented can make a big difference in the final price you receive for your business.
   
   
   
4. If you must sell for a reason, don’t be afraid to tell your broker. Negative issues will always come out sooner or later. Discovering issues before marketing begins and dealing with them can make a big difference. 
   
   
   
5. Get your paperwork together. The more complete the business information is you supply, the more likely you will receive offers
   
   
   
6. Time deadlines always make selling more difficult. 

​Tags: Selling a Business, Business Brokers, Buying a Business, Transworld Business Advisors  ​

EPISODE 6

Should I Sell my Business Myself or Hire a Broker?

Be careful, it’s a complicated process 

1. Selling a business is a complicated process. 
2. If you are considering trying to sell your business on your own, first consider the time it will take you away from your business.
3. Having an Intermediary between you and the Buyer can give a Seller a distinct advantage during negotiations.
4. Confidentiality is very important, and this is never easy for an owner to do when selling his or her own business.
5. Managing the sales process and documents is very time consuming. A Professional Business Broker will administrate the sales process and flow of documents.   

 

Tags: Selling a Business, Business Brokers, Buying a Business, Confidentiality, Transworld Business Advisors  

Episode 7

• How Much Will It Cost to Sell My Business?
  It Always Seems to Be More Than You Planned For. 

1. Taxes - Paying your silent partner Uncle Sam should be your first concern when contemplating selling your business.
   
   
   
2. Accounting/Financial Planning - Most of us are not prepared to analyze our financial and tax strategies when it comes to receiving large amounts of money and these guys are the pros.
   
   
   
3. Closing Costs – How much you pay and who pays what is always negotiable. 
   
   
   
4. Legal Fees – I always recommend sellers find an experienced business attorney to advise them on their sale.  
   
   
   
5. Broker Commission - Broker Fees vary from agency to agency. Always make sure your broker explains their fees before you sign their marketing agreement.
   
   
   

Tags: Selling a Business, Business Brokers, Broker Fees, Legal Fees, Accounting Fees, Financial Planning Fees, Business Sale Costs, Broker Fees, Transworld Business Advisors 

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Episode 8

• How Long Will it Take to Sell My Business?
  It’s all based on the quality of the business and the conditions of the market.    

 

1. Quality of the Business – Some businesses are in better shape than others. Buyers and investors always want the best businesses they can find.
   
   
   
2. Market Conditions – Fluctuations in the economy and stock markets can cause peaks and valleys for investors and the funds available to investors.  
   
   
   
3. Seasonal Conditions can Delay a Sale – If your business has a season, it will definitely affect the sales cycle.
     
4. Price is King – Buyers will always gravitate to the lowest price they can pay for the highest quality business they can find. It usually takes longer to get higher offers. 
   
   
   
5. When it Comes to Marketing Your Business, Size Definitely Matters – Smaller business brokerages simply can’t afford to spend much time of money on marketing your business.
   
   
   

Tags: Selling a Business, Business Brokers, Business Marketing, Business Sales, Business Brokers, Transworld Business Advisors

Short Bio: Bill Kelly is a Senior Business Broker and Franchise Consultant for Transworld Business Advisors of Richmond, VA, and  a Licensed Virginia Commercial Real Estate Agent. Bill has been a lifelong Entrepreneur and has personally started/purchased and sold eleven businesses. He lives in Richmond, Virginia, with his wife Rebecca, and two daughters, and one granddaughter. 
   
Contact links: bkelly@tworld.com

Social Media:     Facebook: https://www.facebook.com/BillKelly1955
        LinkedIn: https://www.linkedin.com/in/billkellyprofile/
Website:     https://www.tworld.com/agent/billkelly/

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