The process of selling a business is complicated, time-consuming, and stressful. Business transactions rarely happen quickly and must be handled delicately with patience and determination. Whether on the seller side or the buyer side of the transaction, experienced representation and guidance during the process is worth its weight in gold.
Most business owners do not sell businesses frequently enough in their career to be an expert in it. Additionally, a business is worth the most when the owner is actively managing it to ensure that it is operating at peak performance. An owner trying to run their business and sell their business on their own without professional assistance will pay a significant price. While they may think they are saving a few thousand dollars in transition expenses, not employing the expertise of a qualified broker, business owners lose tens of thousands of dollars in purchase price because the business isn’t maintaining optimum performance due to the loss of revenues up until the transaction date. Crown advisors market businesses to a national pool of buyers and have years of experience in selling businesses and representing owners in these transactions.
Crown advisors are not typically paid only if a transaction takes place. They are generally compensated on a service rate basis with their only motive being to share their expertise and professional opinions with clients. As a result, clients are empowered to make wiser decisions based on experienced unbiased input from their advisor and significantly reduce the risks of making poor business decisions.
One of the most common mistakes that a business owner makes when attempting to sell their business on their own is establishing a selling price. More often than not, their established price is based more on emotion or their personal investment than it is market value. Determining a fair market value for the business can be the difference between a successful business transition and a frustrated seller with a declining attitude towards the business. Crown advisors can help to establish a fair market value for the business to minimize the risk of the business “sitting on the market” for an extended period of time. They can also provide a fair assessment of the “business for sale landscape” to determine the most opportune time for placing the business on the market.