7 steps to sell a business without a broker

If you asked the question, how do I sell a business without a broker, then you are on the right page to get quality information on the 7 steps to sell a business without a broker.

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7 steps to sell a business without a broker?

There are basically 7 steps you can follow to sell your business without a broker. You can always get the required results if you follow these steps strictly.

Now, let us look at each step below:

1. You need a business valuation

First on the list is for you to get a business valuation. This is important so that you can know before hand the market value of your small business.

You need to know the following before hand in order to set the stage for profitable negotiations with potential buyers of your business:

• Your business financial statements
• Your business profitable trends over the years of its existence
• Quality assets of your business that will attract buyers
• Quality products and services from your business or company

There are many valuation methods in the market that you can employ to properly carry out a valuation of your business before approaching buyers.

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2. You need to get your business prepared for sale

You should get the following records in place as you take the steps to sell your business:

• Legal documents
• Financial records
• Business operation manuals
• Records of assets and liabilities of the company
• Records of any outstanding legal issues in the business

3. You need to market your business

After you have prepared the above documents about your business, you need to start marketing your business. Remember that this is important because you are not using a broker to sell your business.

You can use the following platforms to market your business:

• Social media platforms like Facebook groups, Instagram, LinkedIn etc.
• Online marketplaces where businesses are listed for sale
• Advertise through a mailing list
• Advertise through a blog or website

4. You must do effective negotiation

If you have to sell profitably, you have to do effective business negotiation. Some of the steps you took above would have helped you to prepare for this negotiation.

You must understand the range of prices at which you want to sell your business. You don’t have to be rigid. Allow buyers the chance the table their offers.

Give buyers the time to look at your offer. Ensure you maintain your business values during negotiation to sell your business.

5. You should finalize the sales deal

After you and the buyer have agreed on a price, you should finalize the deal. You have been able to find a buyer or sell your business without a broker.

You should draft a sales agreement showing the various terms and conditions of the sale. The following should be part of this stage of the sales process for your business:

• How the payment will be made
• Consider using an escrow for the transaction
• The various assets that are included in the deal
• Please state it clearly if there are any contingencies
• Get a qualified lawyer to review the sales contract
• Consult an accountant for tax purposes

6. Handle post-sale transition effectively

At this stage, you need to ensure you allow a smooth transfer of your business to the new owner. You need to ensure the sales and transfer documents are well prepared.

You must also ensure you help in training the new owners if that was part of the negotiation before payment.

7.  Be active in the business

You should also ensure you keep to your part of activities in the business to keep it running if that was part of the deal.

Can you sell your business without a broker?

You can sell your business without a broker. This article has shown in 7 clear steps how to do that.  Go ahead and take the next step to sell your business.