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What are the procedures to sell my home based biz in Colorado? I have had a valuation done.

I own a home based order fulfillment company in Colorado and would like to sell in Colorado. I have had an informal business valuation done by our local business incubator but now want to professionally advertise the business. I am prepared to do this on my own. Do I have to have a broker or an attorney?

Denise Milette

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Answers (4)
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Aug 17, 2017
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Exit and Answers, Inc
President
San Diego County, CA

No you do not need a broker or a lawyer, just like you don't need a contractor to build your house. DIY representation is typical for small business sales. Understand that valuation is based upon what you are willing to accept and a buyer is willing to offer. Valuation does not equal sales price because the real value is in the eye of the beholder. Look for a buyer who has your same interest or is looking for a change. Ask around, put it in the local Craig's List or newspaper and see what happens. Understand that as the owner, you are the best person to sell the potential and usually that is all a home business is selling.

Dec 23, 2009
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No, you don't NEED a broker/attorney. Should you use one? Maybe.

It sounds like you are comfortable doing it on your own, which is a good first step. But it also sounds like you may not know exactly what you are doing, which might be a costly mistake. A big factor is the size of the business... as previous poster mentioned, it might not make sense if the business sells for less than a certain amount.

A good alternative if you are thinking about doing it on your own might be a fixed price business broker, which provides consulting-like services for a low fixed fee. You don't get the same "hands-on" service that you should expect from a normal broker... but then again, you won't pay for it either.

Dec 22, 2009
Jessica Hadler Baines
American Business Group, LLC
President
Orange County, FL

The answer is that you don't have to have either but it's not a risk worth taking if your business is worth more than $30K. Typically sellers take less money when they sell on their own compared to when they have representation.

Plus, CPAs and incubators alike may not have a valuation assembled based on market value. A good business broker will be able to do another valuation for you -- no harm in getting a second opinion. There are general rules of thumb but an experienced broker should use several models of valuation in their analysis.

I would contact CABI (The Colorado Association of Business Intermediaries) to find a few brokers in your area to interview. I know several members directly there so contact me at 407-770-8373 if you would like their details. CABI's site is: www.coloradobusinesses.com

Dec 22, 2009

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