If you’re a small business owner in the Phoenix, Arizona area, you know that running a business is a 24/7 job. Whether you’re the owner of a restaurant, retail shop, or service business, you’ve put in countless hours busting your butt to build and grow your business. But sometimes, it’s time to retire, or move on and explore new opportunities.If you’re considering selling your business in 2023, you’re not alone. Many small business owners in the Phoenix market today are looking to sell their businesses for a variety of reasons, from retirement to pursuing new ventures. However, selling a business can be a complex process, and it’s important to have the right guidance and support to maximize the financial return of your sale.
That’s where a an experienced Business Broker comes in. A Business Broker is a professional who specializes in helping small business owners sell their businesses. They can provide you with expert advice, guidance, and support throughout the entire process, from valuing your business to finding qualified buyers and closing the sale. In addition, and very importantly, an intermediary like a Biz Broker can keep the sale of your business confidential.
Here are a few key things you need to know if you’re considering selling your business in 2023:
Start Planning Early: Selling a business can take time, so it’s important to start planning early. Ideally, you should begin preparing your business for sale at least a year or longer before you plan to sell. This will give you time to make any necessary improvements or changes to increase your business’s value and appeal to potential buyers. Its important to keep in mind also that finding a buyer who will move forward and close could take 6 months or more.
Understand Your Business’s Value: One of the most important steps in selling your business is determining its value. A Business Broker can help you assess your business’s worth based on a variety of factors, including its financial performance, assets, and market trends. Contact me today for a free & confidential preliminary business valuation.
Get Your Books in Order: Before you sell your business, it’s important to make sure your financial records are in order. This includes preparing accurate profit and loss statements and tax returns. At a minimum you will need current and at least the last 3 years of business records ready to go.
Identify Potential Buyers: A Business Broker can help you identify and connect with qualified buyers who are interested in purchasing your business. They can also help you market your business confidentiality and negotiate the terms of the sale.
Stay Focused on Running & Growing Your Business: Selling a business can be a time-consuming process, but it’s important to stay focused on running your business during this time. A business broker can help you manage the sales process while keep your business running smoothly. I tell all my Sellers to never take your foot off the gas until the business is officially sold and transferred to new ownership. Contact me if you have questions…
In short, If you’re considering selling your Phoenix small business in 2023, an experienced Business Broker (over 2 decades experience) such as myself can provide you with the guidance and support you need to make the most of your sale. Contact me today to learn more about how I can help you achieve your goals and move on to your next adventure!