tips from those of you who have sold a business

[csl]

i am posting this in multiple places just so i can get optimal exposure. we are looking to sell part of one of our companies, and i just wanted to get advice from those of you who have done this in the past. we have talked to several companies who have expressed interest, and i have a pretty good idea of how the process works and should work. however, i like others lack experience in the sale, so i would love all of your input. and yes, our accountant is taking a vital role in this. thanks all!

[awillardandrews]

I have sold three businesses, one on my own, & two with a broker. Contact a business broker, It's well worth the cost. You provide the financials & A summery of what you do. When the broker has some one with a legitimate interest, you meet with the prospective buyer & go over all the details of your business. The broker & closing attorney handle everything else. You show up at the closing & collect your $$.

How much is your business worth to a third party? Your accountant won't know the answer, but a good broker will. A broker can show you some comparable sales reports, & offer sales price advice based on real experience. Expect to pay a broker 10% of the sale price & 1/2 the closing costs.

[ponyboy]

what part of the company are you selling neeed more info

[allinearth]

Wow 10%? Seems kind of steep. Isn't a realtor usually 7% or less? Guess it is a specialty requiring more time and higher fees. How does one go about finding a business broker?

[TXNSLighting]

I would skip the broker. There are better ways of selling. What part are you selling?