A Big Decision When Selling a Business: Do It Yourself or Hire a Broker?
- Khaled Baranbo
- Dec 24, 2023
- 3 min read
If you're considering selling your business after retirement, consider whether to do it yourself or hire a business broker. Factors to consider include whether family members have the necessary skills and capabilities to take over the company. If they're already in the industry, they'll feel more at ease. If they're interested, you can hire an attorney to prepare the paperwork. If you don't have family members, there's a lot to learn about selling your business. Consider the following queries when deciding whether to sell your business yourself or hire a Business For Sale Broker firm:
Table of Contents:
When Do You Wish to Leave Your Company?
When retiring, consider the desired transition period and the buyer's expectations. Transition periods can range from a day to 8 years or more. Sellers often include a month of full-time transition in the sale price, which is more negotiable. Consulting agreements often allow part-time work after the first month. Transitions can be beneficial for business owners to ease into retirement, as they don't have to start from scratch. If you prefer working part-time, find a buyer who is comfortable with your preferences.
What If You Sell Your Business Without a Broker?
Business owners often lack a succession plan, leading to a higher likelihood of selling their company. There are two options: hiring a broker to manage the sale or selling it yourself. Selling a business without a broker involves more paperwork and agreements than selling a home without a real estate agent.
To sell a business without a broker, owners should determine an accurate business valuation, advertise the business, meet with potential buyers, discuss a contract of sale, and process all paperwork and taxes. In the end, they will need to hire an attorney to assist with the final stages of the businesses for sale in Ontario. However, there is a significant financial risk involved in attempting to finalize the sale without the assistance of an attorney. To avoid fines or arrests for tax evasion, it is essential to hire an accountant to manage the taxes associated with the sale.
Why Should You Work With A Business Broker To Sell Your Company?
If the long list of things you would have to do on your own wasn't enough to persuade you, there are several other reasons why business owners hire business brokers to sell their companies. One of the most important things a business broker can do to help you sell your company is not just find prospective buyers (though that is important).
One of the most valuable services we provide to our existing clients is assisting them in the
Ontario Businesses for Sale. We know how to manage negotiations and conduct a proper business evaluation because we are professional business brokers. If you hire a business broker who can't do that, you should leave as soon as possible!
Why Ontario Commercial Group?
Ontario Commercial Group is one of the best business brokerage firms in Toronto, Ontario. If you are looking for a small business for Sale Toronto, or if you are wondering how to sell a business in Ontario, or how to sell my business in Ontario, it is simple to do so by contacting one of our advisors at Ontario Commercial Group for a free consultation. We will help you implement a clear plan of action to sell your business and get the most money into your pocket using our systems, experienced team, and track record.
Our clients can rely on our experience in business ownership, sales management, accounting, financial analysis, due diligence, and investment management, as well as our extensive network of local and international investors interested in purchasing Canadian businesses and real estate assets, as well as newcomers and immigrants to Canada looking to purchase Canadian businesses. We have developed effective business-selling systems that, unlike any other broker, transform and clarify the process for you. We provide:
Valuation systems for estimating, presenting, and defending the value of your company.
Identity protection through confidentiality systems.
Marketing systems that intelligently package your business opportunity.
Access to a large number of qualified buyers with large sums of money looking for good businesses like yours.
Screening and qualification systems for bringing you only the right people.
Negotiation and closing systems that work as a team to sell your business.
Access to one-of-a-kind business opportunities.
Wrapping Up
Finally, it is the business owner who sells the business. After all, no one is better suited than the owner to tell the story of the business to prospective buyers. However, a good intermediary or broker like Ontario Commercial Group will allow you to focus on running your business daily while it is on the market. This is especially important when the company does not sell. However, ideally, we will keep the deal moving forward until you complete the Ontario Business for Sale and happily move on to your next adventure.
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