Selling your business could be nerve-racking in some instances. However, with the right strategy, it could be a piece of cake. There are many options available today due to the technical advancement today. However, there are a few things that you must keep in mind if you want this experience to be stress-free.
Two ways to find buyers and sell your business today
There are two different approaches to sell a business today.
- You can go the conventional route and hire a business selling broker. You may find one easily in your vicinity.
- The second option is innovation. You go the modern route and choose an online business selling platform.
Which method is ideal for you?
It is your choice which method you prefer. You will not have to put more efforts if you hire a broker. The broker will do all the hard work for you. Online platforms also do most of the work for you like calculations and finding buyers. However, you have to do some manual research and data entry. The data entry will be like entering your sales and turnover data into the online system to evaluate your company’s value.
Online business selling platforms are better
If you own a small business and you are the single owner, an online platform is a much better option than hiring a broker.
- Businesses with a single owner do not require much paperwork. An online business selling platform will guide you through the documentation procedure and you can do all the paperwork yourself.
- You only have to pay tax once on the sale. You do not need to bother much about taxes. Unlike a large corporation, where taxes are effective for two times on sale of your assets, small business owners can pay the tax once. It will be included in your income tax for fiscal year.
- You will save a lot of brokerage money. You do not need to pay any brokerage to these online platforms. They are going to charge you a small fee for using their platform which will be almost negligible compared to the brokerage.
- You will have an extensive list of buyers. A broker can find you buyers in your vicinity. However, an online platform gives you the option to connect with buyers from different states who might be interested in your business. If you are selling an online business, you can find international buyers as well.
- There is not much hassle or confusion with these platforms. You can evaluate your company easily by putting your current data like turnover, profit, and average growth rate into their system.
The final decision is yours
Now you know the perks of selling your business using an online selling platform. However, you can still choose to go with a broker. Maybe you are too busy to spare an hour or so during the day to do the research data entry online. In that case, you have no other option.
However, if you could spare an hour or even 40-50 minutes in a day, you could save a lot of money and could add them to your retirement plan.