Starting a new business and seeing it grow and thrive can be exciting. However, in time, your circumstances may change, and you may decide that they want to retire or move on to another opportunity. In this instance, you may be interested in selling your established enterprise. Here is more on selling your Florida small business.
Your Reason for Selling Your Business
How you plan to sell your business will depend partly on your reason for selling. For instance, you may plan on selling because you intend to retire with your spouse. In that instance, you may have time to plan for the sale. However, you may need to sell unexpectedly because of an illness or accident. This circumstance may require a faster sale. You may also plan to sell because you are ready to move on to another venture. Depending on the details, you may need to move quickly. Your reasons for selling can help inform how to plan and your timeline for the sale.
Assessing Your Small Business
Once you have determined that you want to sell and why you should conduct a thorough assessment of your small business. This process typically involves taking inventory, identifying accounts payable and receivable, and resolving any outstanding debts and disputes.
Assessment will also usually involve obtaining a valuation for your small business by a business appraiser. Once you determine your business’s worth, you will be prepared to set the sales price.
Organize Important Information
As a business owner, you may have developed your own unique way of organizing and keeping track of important information and records. When preparing to sell, you will want to gather and prepare your business-related documents and data in a manner that is accessible and understandable for the appraisal and a prospective buyer. This process may include gathering and organizing documents such as leases, client lists, tax returns, vendor agreements, spreadsheets, and other relevant written information.
Deciding if You Need a Business Broker for the Sale
Before selling your Florida small business, you may want to consider using a business broker. The business broker’s job is to assist the seller in finding buyers and facilitating the sale. Working with this type of professional may be helpful to an owner that needs help promoting their business’s sale and identifying a select group of buyers. While business brokers can be helpful, like realtors, they usually earn a percentage of the ultimate sales price. If you want to work with a Florida small business broker when selling your small business, you should contact an experienced business law attorney. Attorney Richard Sierra at the Florida Small Business Center has experience helping Florida small business owners during the sale of their enterprises and when working with business brokers.
Locating a Buyer
Depending on your circumstances, you may have a prospective buyer ready to acquire your Florida small business. If that is the case, the sale process may take less time. However, if you are looking for a buyer, it’s important to recognize that it may take several months or over a year to find the right buyer for your enterprise. Further, even if you have an interested party, it’s important to continue promoting your Florida small business if that buyer doesn’t pan out.
Contact an Experienced Florida Business Lawyer
Attorney Richard Sierra at the Florida Small Business Legal Center assists clients like you with commercial leasing, business, and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.