Selling a business in San Diego can seem like a complicated and daunting process. But like many things in the business world, our local business brokers at Vanguard Resource Group believe laying out the steps and understanding the processes involved can make things a lot easier to understand.
In this post, we’ll be looking at the process you can expect when selling a business in the San Diego area as a sole proprietor and how to make the process smoother in the long run.
1. Why Are You Selling Your Business?
Perhaps the first thing to consider before you sell a business is to consider the reasons for doing so. At Vanguard Resource Group, we typically see several reasons business owners wish to sell. These include under capitalization, small business owner burnout, divorce, death in the family, partnership disputes, or perhaps you just want to sell your small business while the market is hot.
The Reasons For Selling A Business Could Appeal To Buyers
There are several reasons why someone located in San Diego might want to sell their business, but some of these reasons can be appealing to prospective buyers and should be conveyed when possible. For example, a business may be growing too fast for someone to manage, or they could be feeling overworked due to the amount of success they’ve experienced. In either scenario, it’s recommended to invest in a business broker as they can help make the process of selling a business easier.
2. Compiling Accounting Records
Our local business brokers highly recommend your accounting records should comply with accounting standards and must be complete and accurate. Using an accounting standard makes it easy for prospective buyers to compare the financials of your San Diego business with another one. To make this easier, it’s best to speak with whoever is in charge of your finances to help you compile accounting records.
3. Working With A Business Broker
Selling a business can be complicated, but working with a business broker in the local area can drastically simplify things and provide you with essential services and resources. A business broker at Vanguard Resource Group can help you:
- Protect the confidentiality of your sale. If you want to protect the identity of your business and its employees when putting it up for sale, then working with a San Diego business broker can add a layer of confidentiality.
- Create a professional profile. A comprehensive profile makes your business more appealing to potential buyers. It can include professional photographs and videos, financial information, and enticing copy.
- Develop a marketing plan. To appeal to more buyers, it’s essential to consider how your business sale is marketed. This includes using print advertising, cooperating with other business brokers, and exposing your business to buyers around the globe using the internet.
Can You Sell A Business Without A Broker?
It’s possible to sell a business without a business broker, whether you are a sole proprietor or not. However, skipping this step can create complications further down the road. Reaching a wider audience with help from a San Diego business broker can ensure you get the best offers for your business. It’ll also simplify the entire process and streamline it so that you can focus on other responsibilities.
4. Negotiating Deals With Hiring Legal Assistance
If you’re working with a local business broker, the following steps will mostly be taken care of. If you aren’t, you’ll need to negotiate with buyers and consider hiring a lawyer to help you finalize selling a business contract.
The negotiating stage may also include inventory, equipment, and property the business owns. The buyer will likely request a lot of information about your San Diego business and its financial situation. Our business brokers at Vanguard Resource Group suggest preparing these in advance to present during negotiations to help you secure the best price possible.
Even if you’ve listed the business by yourself, you’ll still have to close the sales process with help from a law firm or business escrow specializing in business sales within the San Deigo area.
Conclusion: We Can Help In Selling A Business
While many people have sold their business without using a business broker, it’s ultimately much more convenient and helps simplify the complicated and somewhat overwhelming process. Getting a trustworthy San Diego business broker is one of the best ways to sell your company.
Vanguard Resource Group has 25+ years of experience and has successfully sold over 800 businesses. Let us help you make sure everything goes smoothly from start to finish when it comes time for selling a San Diego business!
Looking for updates regarding selling a business? Be sure to check out the Vanguard Resource Group Facebook page.