Selling a business is nearly as stressful as starting a business. The experience quickly becomes highly overwhelming if small business owners try to handle it themselves. At Dowd Law, we have worked with small business owners since 1996. Our extensive experience ensures that all aspects of the sale are handled properly and that your interests are protected. When we represent the sale of your business you can rest assured that it will get done right. Join us as we answer FAQs about selling a business in Florida.

How Do I Determine My Business’s Worth?

There are numerous formulas that can be used to come up with a business’s worth, however, the true worth is what someone is willing to pay for it. Business appraisals can give a business seller a reasonable approximation of the business value. Appraisals can be performed by most experienced business brokers or certified business appraisers. Most appraisals will include tangible and intangible assets, as well as a multiple of the owner’s annual benefit. The multiple used is based upon the industry of the business. Some industries have much higher multipliers than other industries. Nonetheless, the most important thing when selling is the documentation. When preparing to sell a business make sure all of the documentation is in order. The easier it is to understand what is going on in a business, the easier it is to sell it. Work with a business lawyer and a business broker in order to ensure that everything is in order for a sale.

How Do I Keep The Deal From Falling Apart?

Candor and planning are the two key components of a successful deal. Be honest with prospective buyers about the value of the business they’re considering buying. Additionally, candor with the business brokers and lawyers is also important. Discuss the concerns of the business or the weak points with them. That team will always have the seller’s back because a successful sale is good for their reputation. Those people are the ones who know how to find the silver lining to any business issue.

How Long Does Selling A Business In Florida Take?

A majority of businesses, even small ones, take at least six months to sell, from listing to the final signature. More often, small businesses take approximately a year to a year and a half to sell. The larger the business is, the longer the process takes because there are more details to consider. If a business needs to be sold quicker than it usually would be, the lawyers and brokers can adjust price and terms to help speed the process up.

I’m Pretty Smart, Why Do I Need An Expert’s Help?

Unless a seller has a degree in business law, or more importantly, years of experience dealing with all of the requirements and responsibilities of selling a business, it is going to be fairly difficult to sell a business on their own. Surveys show that only about one in every five businesses on the market actually sell. Additionally, nearly a third of all potential buyers are not qualified or lied about their qualifications to purchase a business. Without an expert, sellers quickly find themselves in the weeds of business law and wishy-washy buyers.

Selling a business is something that truly takes a team. Small business owners especially need to surround themselves with a team that they trust. Without that team, it is very easy to misunderstand the costs and consequences. Misunderstandings often lead to unexpected costs, and the seller getting the short end of the stick by the time the sale is final.