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Looking to sell our business by September to focus on our 2nd business and new baby. Quick sale suggestions?

What is the likely hood we will sell our business within 3 months? We have previously offered it with a solid buyer but they could not get financing due to credit issues. Now that that has fallen through we are needing to sell fast. Does anyone have any suggestions other than call a broker. We have not had good luck with brokers in the past.

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Answers (8)
Steve Skrlac
Keystone Business Brokers Inc.
Business Brokerage Services in Ontario, Canada

Hi Allison. I am a business broker in Canada and can tell you that it can be done, but it is not easy. You must price the business very aggressively and be organized so that once a conditional offer or LOI comes in that you are ready to sail through it. If your business has any problems with quick fixes, do what you can to make the business more attractive to a buyer. Advertise aggressively. Online, local newspapers, friends & family. Perhaps your staff might be interested in purchasing it too. Is that an option? You should also consider offering seller financing for a qualified buyer. Best of luck to you.

Feb 4, 2011
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Hi Allison, if you business makes over $300k contact me at HRAMAIL@aol.com
I am a business owner in st.louis and am currently looking to expand my portfolio of businesses.
Thanks

Feb 4, 2011
Michael Hamlar
Hamlar Enterprises, LLC
Roanoke City County, VA

Allson,

I would concur with everything that has been said. We posted an answer to your question and wanted to follow up if you needed additional information. If so please contact us.

Regards,

Michael Lawrence Hamlar
President & CEO

Hamlar Enterprises, LLC
Hamlar Business Broker
P.O. Box 3336
Roanoke, VA 24015
Phone & Fax 1.800.682.1950
Email: mike@hamlarenterprises.com
Skype: MHamlar

Jun 13, 2010
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Fayer Business Solutions
Baltimore County, MD

Allison,

It's difficult, but not impossible to sell a business within 3 months. I recently sold one within 2 weeks, but that's by no means a norm. First off, it will depend on the type of business you are selling. Secondly, and also very important, it will depend on the asking price. Remember, the true value of a business depends on a lot of things. In your case, time is of the essence, and I would recommend you sell it at a discounted rate in order to meet that need.
As for financing, there are usually a few different approaches that help to ensure you don't waste much time. First off, your Broker should have any potential buyers fill out at least some sort of financial information sheet so that you can see if there is even a chance of them being able to afford such a business as your own. Secondly, I would HIGHLY recommend you consider owner financing at least to some degree. In today's economy, it is very difficult to obtain funding from most banks and loan institutions. For certain businesses, it's nearly impossible.
In either case, you would also want to speak to a few banks and ask if they would be willing to finance a business such as your own. This will give you some indication as far as how difficult or possible it is for other potential buyer's to get financing.
Now, as far as choosing brokers, unfortunately, it is a very tough decision. I'm a broker, and I'll be first to admit I have not had good luck dealing with other brokers myself. There are several reasons for that, but that is beyond the point. I would tell you to research the brokers you are considering, and interview them. Ask what kind of marketing plan they have, ask to see sample non-disclosure agreements, and what process they use in selling your business in general. That should give you at least some sort of idea of the professionalism of the broker(s).

Hope this helps. If you need any other help or advice, please feel free to contact me at fayersolutions@gmail.com

Goodluck

Jun 7, 2010
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R A

Hi Allison,

I am looking for a business to purchase with owner financing. If this is something you would consider, please send me additional details on the business.

Thanks

Jun 7, 2010
Michael Hamlar
Hamlar Enterprises, LLC
Roanoke City County, VA

Allson,

Like mentioned before it will be very difficult to sell a business within 3 months. The fastest option would be to talk to a broker. Only deal with a broker that is fee based. Do not fall into the trap of paying a retainer fee for a quick sale. If you already have a bank you deal with get their qualifications for the loan amount your asking for. If the bank has an opportunity to keep the account they will be more willing to negotiate the terms and conditions. Make sure you get all the qualifications (i.e. explicit down payment option, required fico score, and etc.) If you know of anyone else in the industry you may want to ask them. A lot of deals are done within the same industry of business acquiring other businesses. If you have any questions please feel free to contact us.

Regards,

Michael Lawrence Hamlar
President & CEO

Hamlar Enterprises, LLC
Hamlar Business Broker
P.O. Box 3336
Roanoke, VA 24015
Phone & Fax 1.800.682.1950
Email: mike@hamlarenterprises.com
Skype: MHamlar

Jun 6, 2010
Marek Baran
Biz Brokers of America
Broward County, FL

You do not risk anything by getting a broker. Everyone is highly motivated to sell the business to earn the commission. If the business is priced correctly, you have few month available to close the deal and if you are flexible with the buyer, your business should sell fast.

May 19, 2010
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The BAF Group LLC
MD

Sally is absolutely correct, on all points. The only thing I could possibly add is that you need to think about financing the sale, yourself. Since there are no details that suggest how much you are asking anything about your personal situation and what the business specifically is, it is difficult to know whether this is even something you can even contemplate. But getting a loan on top of getting a Buyer, is stretching your time limit to the max.

May 19, 2010