Sell a Business - Step One Assessment Meeting
The first step when one wants to sell a business would be an informal assessment meeting between myself and the business owner. I refer to this meeting as an assessment meeting because in this initial meeting this is where the business owner and I will clarify our common goals- the successful sale of the business. This is a chance for the business owner to see what expertise the broker brings to the table and for the broker to see if the business would make a good client.
In an initial meeting I generally like to learn as much about the business as possible. to sell a business, I need to get a good idea of how that business fits into the marketplace. I generally refrain from giving advice or an opinion regarding the marketability of a business, before I have an idea of what the business does and how the business operates. Each business is unique and therefore the strategy to sell that business is equally unique. This is why I prefer to discretely meet with the owner at their location so I can fully understand that business's characteristics. During this initial meeting I will spend time educating my client about the process, about our services, and about how businesses are priced.
It is also important in the initial meeting to identify goals and expectations for both parties. As your business broker I will expend a great deal of time, effort and money to bring you qualified and capable buyers. The business owner also has an important role in the sale of the business. It is important that the business owner make available financial records and the time to show the business to prospective buyers.
One final item that I would like to note in this section is that it is not the role of a business broker to convince anyone to sell a business. I have found that many business owners are concerned about approaching a business broker because they feel that once they set up an appointment with a business broker that the business broker will pressure them to list their business. It is safe to say that some business owners have had an unpleasant experience with a business broker in the past. I do not and cannot speak for every business broker.
I will let you know, however, that I view myself as a consultant that guides business owners through this process. My goal in an assessment meeting is to provide you, the business owner, with appropriate information to make an informed decision regarding whether or not it is right for you to sell your business at this time.
If you're a successful business owner in the Southern California area, I would like the opportunity to learn more about your business and to tell you about how my innovative and proactive methods can help find qualified, capable buyers for your business.
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