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Frequently
Asked Questions:
- Will
accurate records and documentation increase the number of
potential buyers?
Absolutely! Buyers want proof of the sales and profits that
your business has generated in the past, in order to get
some idea of its potential.
- How
important is pricing when selling a business?
You must definitely price it right. Under-pricing will lose
you money; over-pricing will lose you the sale. We are knowledgeable
in today's market and can assist you with this all-important
facet of listing your business for sale.
- How
can I make my listing more attractive?
List all furniture, fixtures and equipment. Buyers will
want a complete list of equipment and will inspect it to
ensure that everything is in good working order.
- What
else can I do to improve the chances of selling my listing?
Obtain
a professional third party evaluation or appraisal. Those
that use a third party evaluation have an 80% chance of
not only selling the business, but selling
at a much higher price. Those who do not use a professional
business broker and a third party evaluation only
have a 17% chance of selling.
- Is
leasing a viable option?
A
number of buyers would rather buy the business and lease
the property as long as there is an attractive lease. Any
buyer will want a good lease, whether the existing lease
is assigned or a new lease is written.
- Is
appearance as important as other factors in the sale?
Appearance
can make or break a real estate sale. You
should try to create a great appearance. Nice looking businesses
sell first! Buyers deduct large amounts from their offering
price for businesses that are in less than top shape. You
should keep your premises neat, clean and in good repair.
- What
else might the buyer be concerned about?
The
buyer will in most cases require that you sign a non-compete
covenant agreeing not to compete with the business being
sold. Buyers are sometimes concerned that you may decide
to go into competition with them and take back all their
customers. A promise not to compete within an appropriate
distance and time period is normal for most business sales.
- Is
there anything else I should know or concern myself with
when selling?
Yes,
two final points to give some thought to:
- Be
prepared with a good reason to sell the property. Buyers
are always concerned about this. They may wonder if
you are selling because of some undisclosed fact or
problem that may hurt the business in the future. Buyers
must see a logical reason for the business sale.
Without it, they may think the worst.
- And
finally, NO SURPRISES! Give us ALL the facts
up front. Most negatives can be overcome if known by
the business broker from the beginning.
To learn
more about buying a business or selling
your business, please call us at:
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Office
Phone: |
706.738.8700
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706.399.8530 |
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Fax
Number: |
706.736.0738 |
Or email
us at: Info@Channell-Realty.Com
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