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Sell Your Business: 7 steps to get the Best Price in 2021

Are you Googling “Sell My Business Jacksonville?” Have you been building up to selling the business that you’ve put a lot of time, effort, and equity into growing?

If your objective is to get maximum value when selling, you must be assessing steps to prepare for the sale.  If you’re trying to get the maximum price for selling your business, you should get the best terms, find the right buyer, or look for the best broker to sell your business.

But due to this treacherous COVID-19 pandemic, even if you’re selling your business, you must be thinking – What can I do to Sell My Business for the best price?

COVID-19 has caused a massive disruption in business sales. Till December 2020, most people just sat and waited for the impact COVID-19 had on their business. Businesses that weren’t affected by Covid are still selling well for similar valuations compared to last year. But businesses impaired by the virus have been taking off the market, and people are advised to re-list next year.

If you’ve decided to sell your business & love to start the next chapter of your life by Q2 of 2021, don’t worry; you can easily sell your business in Jacksonville with our help, of course.

Whatever may be the reason for selling your business? If you have decided that I will “Sell My Business,” follow these steps to sell your business quickly, efficiently, and for the best price possible.

Let’s take a look at 7 Steps that’ll answer – How to Sell My Business now?”

  1. sell your businessDetermine what your business is worth

Generally, a business is worth many times the profit it makes. Depending on the size of the deal, the profit can be 2-10 times more. Smaller deals (deals under $3m in price) generally amount to 2-3 times profit, Medium Deals (deals ranging from $3m to $20m) garner 3-5 times more profit, and Large Deals ($20m and over) can give you a whopping 5-10 times profit.

  1. Prepare your financials

All businesses are valued on their profit, so you require good financials and even better accountants. You also need to prepare an adjusted profit and loss statement to present to buyers.

  1. Find a broker

Depending on your deal’s size and whether you have an unsolicited offer on the table, most companies will garner higher valuation if sold with the help of a broker like Julie Brigman.

  1. Develop an executive summary of your business

This document outlines the business, financials, and FAQs (Frequently Asked Questions) to help the buyer make an offer.

  1. Market your business

Put your business on the market to attract buyers looking to acquire a small business or even a medium-sized company.

  1. Start fielding offers from potential buyers

Receive offers from prospective buyers and start negotiating with the best ones.

  1. Let buyers perform due diligence

Buyers generally get 2-3 months to verify the financials, validate what they’re getting, and think about whether they can pay for it or not.

How long will it take to Sell My Business?

sell your businessAfter you’re ready to sell your business by following these 7 steps, you must be thinking, “How much time will it take?” The average selling process takes months. Simpler deals have a short timeframe, and more complex deals have much longer timeframes. This range of time frame suggests that it takes 3 – 12 months to sell a business. Since a business valuation will take a few days, in the meantime, you should decide on an exit strategy to prepare your business for sale with our help, of course.

Further, once the prospective business buyers are ready to make an offer, they’ll submit a letter on the internet that may include a down payment. Interested buyers will then start inquiring from the business broker’s marketing packet and review tax returns and financial statements.

After that happens, you should negotiate the purchase agreement with your lawyers and accountants. The transition to a new owner typically takes 3-6 months after the deal closes.

About Julie Brigman – Best Business Advisor in Jacksonville

When contemplating “Sell My Business Jacksonville,” there’s a reason Julie Brigman sells more business than any other brokerage in Florida. It’s because she’s an expert! As a business broker in Jacksonville, Florida, she is professionally trained to guide and assist you through inquiry to closing.

Julie Brigman is the top producing business broker with Transworld Business Advisors in NE Florida. She specializes in transactions ranging in size from $500,000 to $30 million.

Being a Business Broker in Jacksonville, Florida, Julie Brigman also works with individuals and companies to sell or buy privately held companies. Julie’s unique process involves confidentially working with business owners while they continue focusing on running their business. Julie Brigman also has the experience of selling many types of businesses and works with 100s of other brokers across Florida. Customarily, she also works with small business owners to determine the value of their business without charge.

If you’re interested in Selling Your Business, get in touch with her now.

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