1. Does the broker have experience selling internet businesses: Make sure the business broker you select to sell your internet business has experience or knowledge with selling internet businesses. Most of the buyers who are looking for internet businesses are not interested in regular brick and mortar and retail store front type of business. If you decide to work with a broker who sells all kinds of businesses, you may miss on a big advantage internet business broker can provide you with their existing buyer pool. In addition, ask about the sites they have sold and ask for seller references. If you were not happy with your broker you will not give him a good review.
We have been selling internet businesses since 2003. We have large pool of buyers who have come to rely on us for quality of our listings, honesty and preparedness. Most of the businesses we sell are sold to one of our existing buyers from our buyer database.
2. Convey your expectations: Make sure you discuss and convey your expectations to the intermediary you select. Direct and open communications about expectations and other issues with your business broker is critical in selling your internet business.
Every business owner has a story that needs to be understood fully before business can be completely evaluated. For many business owners primary motivation for selling business is seldom money but a desire in change in life style. We take the time to understand your motivation behind your desire to sell your business and ensure your expectations are met.
3. Devil is in the details: Is your broker asking the right questions? Has he determined the adjusted net income and valuation of your business and provided you with his recommendation on asking price prior to asking you to sign a listing agreement? Ask him about a cash price vs. a price with terms involved. 70% of all small businesses put on the market never sell and the number one reason is that the price is usually too high and the ! deal str ucture is unrealistic for potential business buyers. You want to work with an honest business broker who is not afraid of loosing your business by telling you what he thinks is the realistic asking price for your internet business.
Ask for samples from us of completed Executive Summaries of businesses we have sold. Every detail of your business will be analyzed to find relevance in preparing your business for sale when you work with us. At the end of our detailed business appraisal process, we will provide you with a time table of goal and expectations that we will use as a blue print in the process of selling your business.
4. Confidentiality: Internet consumers are savvy internet users and you don't want your customer to know you are selling your web business. you need to know how the broker is going to keep the sale of your internet business confidential in nature. Ask your broker to see a copy of a Non-Disclosure Agreement they are using and ensure you are comfortable that it sufficiently protects you as a seller.
We do not disclose any confidential information prior to receiving signed NDA.
5. Preparedness: Make sure the internet business broker you select to sell your business has prepared your business for marketplace - are all the financials and tax returns on file and ready for possible due-diligence. Do you have all documents ready for review like business history document, shopping cart data, monthly sales comparison year to year and contracts with vendors, etc? If the business broker doesn't have all your material ready to go for a possible review by business buyers, the interested party may walk – be ready to go upfront with all your material for the sales process.
We are told by our buyers that many sellers follow a strategy of Fire ( List the business) , Aim ( Advertise and create maximum exposure, attract buyers, obtain offer ) , Ready ( Prepare for a closing ) instead of Ready ( Determine optimum value, develop a profile of the! ideal b uyer and transaction structure, ratify timeliness of selling ) , Aim ( Prepare company for sale and develop a marketing plan designed to attract ideal candidate, assemble due diligence materials ) and fire (Begin selling activities maintaining utmost confidentiality, attract appropriate buyer, negotiate contract terms, co-ordinate closing activities). By following Ready, Aim and Fire strategy, we are able to sell your business with Best price and in shortest amount of time.
6. Responsiveness: Make sure the broker you choose is good about getting back promptly to potential buyers. This goes back to volume v/s quality. If you don't ask for references and speak to the references provided by the broker, you will not know how to differentiate between good broker and an average broker.
Many buyers have told us how delighted they are with our responsiveness. Business for sale Market is saturated with buyers and there are lot more buyers than sellers. It is very important to get back to buyers in timely fashion and we always make sure we get back to buyers in timely fashion.
7. Communication: Constant communication with your broker is important. Ask your broker to keep you in loop of buyer inquiries, response rate and buyer feedback. Find out if your broker has gathered any data for the businesses that he has sold so he can update you once your business is listed with his historic response for the businesses that were sold. Businesses that sell have active broker-owner co-operation and harmony. Good broker will insist on frequent communication with seller. Remember, broker needs your continuous help during the business selling process and you should be prepared to spend time to understand the issues that are being brought up by potential buyers.
We have developed a solid model from years of selling internet businesses that gives us a pretty good idea of what rate of response should a listing get it were to sell and we use this information to guide seller to! recomme nd changes and adjustment in terms of business offering.
8. How Long Does it take to Sell Internet business: Businesses on average typically take six months to eighteen months sell. If your broker does his job correctly your internet business should sell within two to six months. Make sure your broker has a game plan to make this happen!
Our typical listing is sold in first 6 month of list date with a very high satisfaction rate from sellers. If you are in the market for selling your internet business or even considering to sell your internet business and wants to learn more about selling process, you must read this Appraisal Primer !
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