Selling a business is a tough decision. After all the sacrifices spent to build a brand, you want the best deal possible in exchange.
Unfortunately, I’ve seen too many cases where business owners rush into the selling process and make avoidable mistakes that lead to regret.
Are you wondering how to sell a business quickly at a good deal?
From the countless number of successful business sales we’ve experienced at Ecomswap, we understand the secrets to selling a business fast and at a great deal.
10 Easy Tips to Sell Your Business Quickly
Here are 10 things you should do to attract serious buyers to your business and help you sell fast, at a good rate.
1) Remind yourself why you’re selling
Before jumping into the sale, ask yourself “Why?”
Maybe you’re freeing up time, exploring new ventures, or ready to step back from entrepreneurship. Whatever the reason for selling your business, having clarity can help you make better, faster decisions.
Sellers who come into the marketplace with clarity about their motive stay focused on their goals, which comes in handy, especially when checking out offers.
2) Get your business prepared for sale
Think of this like staging a home for potential buyers.
You need to tidy up your financial paperwork, including sales, taxes, and inventory records. This way, you’ll be showing off your business’s financial health to attract serious investors.
Businesses with well-organized records attract better deals, as buyers can easily see and be convinced they’re making a healthy investment.
3) Do your business valuation
Knowing the value of your assets will help you set an appropriate selling price. This isn’t just about valuing inventory. It includes intellectual property, digital assets, your customer base, and overall goodwill. Go over everything, item by item, and assign a value to each of your assets.
Many business owners underestimate these factors and end up undervaluing their business.
If you’re unsure, consulting a professional can provide a thorough valuation. Better still, consider using our free online business valuation tool for more accurate figures on your business’s worth.
4) Hire a professional broker or business advisor
An experienced broker or business advisor can make the selling journey smoother and less overwhelming. They have strong networks of pre-qualified buyers, assist with valuations, and provide negotiation support.
At Ecomswap, we have a network of pre-vetted, proof-of-funds-verified buyers who are ready to make competitive offers.
5) Be strategic with your marketing
To sell your business fast, you need to first attract the right eyes to it.
While reaching out, highlight your business’s unique selling points, such as revenue potential, financial stability, and competitive advantages.
Your outreach should target investors who you think would benefit most from owning a business like yours. Strategic marketing, such as leveraging social media and participating in industry-specific events or platforms, can make all the difference.
6) Set criteria to screen out unqualified buyers
Not every buyer is a good fit.
Define criteria to filter out unqualified buyers. This may include requesting bank statements or other financial records. By this, you’ll be avoiding unserious “window shoppers”.
Also, it’s important to never share confidential information without a signed non-disclosure agreement (NDA).
With clear screening criteria, you can weed out timewasters and focus on more serious and financially ready buyers.
7) It’s time to negotiate sales
Negotiating can be tricky and daunting, but it determines how rewarding the deal would end.
No matter how fast you want to sell, don’t rush the negotiation phase. Take your time to compare offers carefully, and negotiate for favorable terms.
When it’s time to negotiate, consider working with a legal expert and financial advisor to help review your preferred offer(s). They can help you spot any hidden terms and clauses that could be unfavourable in the long run—especially with tax and legal issues.
8) Ensure your business details are ready for review
Before finalizing a sale, ensure all essential details—contracts, financial statements, customer records, and proprietary data—are accurate, organized, and ready for buyer review.
This critical phase, known as due diligence, allows buyers to evaluate your business thoroughly and ensures transparency, building trust in the transaction.
Always require a signed NDA before sharing sensitive information to protect your business’s confidentiality.
9) Now, seal the deal
When everything checks out, it’s time to finalize the sale.
This usually involves signing a purchase agreement, non-compete agreements, and any necessary legal documentation. It’s a rewarding step because, at this point, you’re ready to close.
10) Transfer business ownership
With the sale completed, do well to transfer ownership smoothly by providing all necessary documents and information for the buyer to run the business seamlessly.
I strongly advise that you make this final phase or handing over ownership professional and well-organized. This leaves a positive impression and can lead to future referrals.
How fast can a business sell?
Selling a business isn’t an overnight process. It can take anywhere from a few months to over a year, depending on factors like industry, business size, and market demand.
Well-prepared businesses with clean financials and clear documentation usually leave the market faster, averagely between three to six months. It all takes a good strategy to attract serious buyers and get a good offer sooner.
Selecting the right marketplace and broker can simplify the process and help you close a deal much faster.
Get a good marketplace or broker
The marketplace or broker you choose can make all the difference.
Many online marketplaces are crowded, which can mean your business sits on the listing for months or even years, waiting for the right buyer.
At Ecomswap, we handle things differently. With a focused network of pre-vetted business buyers, the average turnaround time is just two months, with 93% of our listings successfully sold. This streamlined process ensures your business gets the visibility and attention it deserves, without endless waiting.
Takeaway
Selling a business doesn’t have to be a waiting game. Every step mentioned above brings you closer to the right buyer. We’ve tested this formula on how to sell a business quickly and they work every time.
With the right marketplace or broker, you’ll be surprised how a typically daunting process turns into a rewarding experience.
