I’m ready to sell my business. What is the first step?
The decision to sell is an important one and preparation is required before placing your business on the market. The company’s financial records and business operations must be evaluated and analyzed to determine its strengths and weaknesses. A Business Valuation and a Market Analysis will provide you with the necessary information used to determine asking price and deal structure as well as identify potential buyers. A Murphy Business Broker will prepare your business for sale and help you maximize your market potential.
How do I determine what my business is worth?
To determine the price of a business, the owner will need a Business Valuation. A Business Valuation is an appraisal or determination of value of the business or property based on current and historical data and establishes “Fair Market Value.” Murphy Miami Business would strongly urge any Seller considering the sale of their business or Buyer considering the purchase of an existing business to use a Certified Business Valuation as the criteria for establishing a purchase or market price.
How long does it take to sell my business?
Business transactions can happen quickly or they may take over a year before the buyer is located. The average transaction takes anywhere from 4 to 6 months. The key factors in the amount of time are pricing the business appropriately, aggressive marketing, having access to an abundance of buyers and lending sources who have approved the financing. Your Murphy Business Broker Associate is skilled in all aspects of Business Intermediary and will advise you on these matters.
How do you find a buyer?
Murphy Business is a national organization having access to a large number of buyers. We market our listings in the appropriate media to generate buyer activity. We also search by industry and associated industries to stimulate buyer activity.The largest source of buyers happens to be our own Murphy Business network of Brokers. Our goal is to locate qualified buyers, who have determined a genuine interest, are willing to pay market value and are aspired to move quickly.
How do I choose a broker?
We recommend that you interview as many intermediaries as necessary to find the person that fits your needs. Things to consider:
- Certifications: Professionals educate themselves on the finer matters of the profession.
- Referrals: While we work confidentially, the broker should provide professional referrals, national or local! Look for a broker who is on top of the local market but has national access through the organization she/he is associated with.
Each Murphy Business Broker is a professional. Our associates have previously held CEO, CFO, COO, VP or Director level executive positions or have been former business owners. We believe our experience, professionalism and ability to provide the highest level of services to our clients sets us apart from the competition.