Once you’ve reached the decision to sell your business you need to consider who can sell it. A range of options are available to you at this point, including selling the business yourself in a private capacity, using an online platform, or appointing a business sales agent.
Your history and experience in business, as well as your appetite for risk and desired level of control over the process, will determine the best way for you to sell your business, but it’s important to carefully consider all your options before going ahead.
Who can sell your business?
Selling your own business privately
If you’re an experienced business owner you may choose to sell your business privately. On the plus side you have control over the procedure but it does introduce more risk. It also typically involves a longer timescale to sale unless you have industry contacts or previous experience of selling a business.
Using an online platform to sell the business yourself
Online platforms offer another route to sell your business privately and provide you with a global reach. When selling a business in this way you’re charged a listing fee so it’s important to choose the right platform for your needs. To establish the website’s credibility, it’s advisable to carefully check any reviews placed by previous customers, and also the platform’s reputation as a whole.
Selling your business through professional sales brokers
The role of a business sales broker, also known as a business transfer agent, is to act as an expert intermediary between your business and potential buyers. It can be daunting to choose an agent to fulfil such an important role but if you consider the following elements it’ll make it easier to find the right broker:
- Sector specific experience
- Track record of successful sales
- Good reputation
- Logical fee structure
The sector experience and technical knowledge that a business broker has of the selling process can significantly ease its complexity and give you the best chance of reaching your goals.
- Previous sales and acquisitions experience
- Sector specialisms and average success rate
- Sales value expectations and growth potential
Advantages of using a business sales broker
Capacity to continue running your business alongside the sale
When thinking about who can sell your business, it’s important to consider whether you could run the business day-to-day whilst also conducting the sale. This can be a significant issue for business owners who try the sell their business privately as it’s a time when maintaining an upward trajectory of sales and profits, and positive cash flows, is so crucial.
Access to a database of potential buyers
Selling My Business are highly experienced business transfer agents and own a database of over 10,000 potential purchasers who are proactively searching for businesses to buy. This can reduce the timescale for a sale as it addresses the problem of parties who show interest but aren’t serious purchasers or who don’t have the funds readily available.
You choose your level of involvement
You can remain detached from the sales negotiations if you wish and place this vital part of the process in professional hands. You then enjoy that degree of separation that makes decision-making easier.
For more information on who can sell a business, please get in touch with one of the team. Selling My Business has more than 100 years of combined experience in successful business sales and will provide the expertise you need to achieve the highest price. We can offer you a free, same-day consultation and operate an extensive network of offices around the UK.