What is the Process to Sell My Business Quickly?
Robert Hirsch from Freedom Factory discusses 'What is the Process to Sell Your Business Quickly'.
Listen to the podcast, watch the video, or read the transcript below.
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Transcript of podcast
Hi, Robert Hirsch here from Freedom Factory. A question that we get a lot is, how do I sell my business quickly? So if you've come to the decision to sell your business, as soon as you make that decision, you want it to happen as fast as you can. There are a couple of things that we've done to really optimize the process.
And when we do it here, we've compressed it down to the 147-day timeline. And we've done that by really being able to control the seller's process. For example, if you're selling your business and every buyer that calls, they have different questions and they want to talk to you and meet your management team, that becomes a big distraction.
What we do is we create a timeline where you submit your questions. For example, let's say you submit six questions and you get 50 responses. Well, all of a sudden you know that it's, there are other buyers looking at it. It's a competitive process. And then only after we pre-qualify the buyers and get their letter of intent do we ever offer them a management meeting.
Now, the number one reason that businesses go out of contract is generally per se, dropped the ball.
So if they're doing a baseline revenue and all of a sudden you have a second job, which is selling your business, you take your eye off the prize, your revenue goes like this. If you do have a buyer that's going to spook them. So we want to do is make sure to have the right partnership. One side of the team is focused on selling your business, and the other side is focused on optimizing it and running it. Now another thing that really helps the process is with enough deal experience, you know what's going to be requested.
You know what information, the financial recast, you know all the information that they're going to want and what you want to do is get that together before you even take it to market. Because when you sell a business, it's kind of like playing a game of tennis and you're always hitting the ball over to the other side. As soon as they requested information, you want to have it ready to go so you can pass it right to them and it's going to increase your value and maximize the value of your business. So there's two things. One, the smoother it goes from the buyer's perspective, the more desirable your businesses, and two, the more complete your paperwork and documentation, the higher the sales price.
If you have any questions on how to sell your business, or what does this look like, please give us a call at Freedom Factory. We look forward to speaking with you soon.
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Contact Freedom Factory
Freedom Factory
5500 Greenwood Plaza Blvd., Ste 230
Greenwood Village, CO 80111
Phone: 844-MAX-VALUE (844-629-8258)
https://www.freedomfactory.com/
https://g.page/freedom-factory-denver
https://freedomfactory.com/sell-my-business
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