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Selling a Business
Utilizing a broad spectrum of industry contacts developed over 40 years, Hughes Properties can be counted on to make discreet inquiries into the types of businesses, commercial ventures or land that you are interested in. Many of our listings are from successful business owners ready to fully retire and enjoy everything this area has to offer. Businesses can be professionally valuated to assist you in your decision, giving you a better understanding of your business’ value in the marketplace. Whether you are buying or you’re contemplating selling a business or commercial property, you should speak with the Hughes Properties team to fully research your options.
The Top 10 Tips To Expedite The Sale of Your Business
When you’re ready to sell your business, you’ll want to first slip on the hat of a prospective buyer. Doing this will help you prepare to make the best impression possible, be ready to present your business’ best features and have the appropriate answers ready for the potential tough questions heading your way. There are several factors that can determine how fast you can sell your business including;
1. PROFITABILITY If you have a going business with a strong bottom line-the line to your door will quickly grow.
2. PRICE Always the most important factor that will attract or drive away potential buyers. Again, profit plays a role in how much you can sell the business for. Find someone with the National Association of Certified Valuation Analysts. Call (801) 486-0600 to request a listing of local certified agents.
3. LOCATION As the saying goes, the top three important factors for a business is LOCATION, LOCATION, LOCATION.
4. POTENTIAL What cycle is your business in? Can a new owner, investing new energy and capital, generate higher growth?
5. PRESENTATION Just like a home you pull up to, your business must project that sometimes illusive “curb appeal”. Your business should show well: bright lighting, well stocked shelves featuring new product, a clean and organized environment, with professional signage and an attentive, well-groomed staff all insures a terrific first impression.
6. COMMUNITY The potential buyer needs to feel comfortable in the new surroundings. The better the neighborhood in which your business is located, the more appeal it will have to a new owner. Things like low crime, nice weather, nice schools, easy freeway or highway access– will all show up under the “Plusses” column.
7. LEASE OR REAL ESTATE The terms of your lease, remaining years, and the transferability, are important selling points. Additionally, if you own the land on which the business operates, making the land itself part of the sale can also add another dimension of value to a prospective buyer.
8. LABOR POOL One important factor that a seller will not often think about, but a savvy prospective buyer will inquire about, is the ready availability of labor at reasonable wages. Being situated in an area with the right demographics that make up your operation’s staff is key: age, skill, and wage rate.
9. HOURS OF OPERATION The hours your store or business remains open, translates into a labor and overhead expense requirement for staying in business. This is an area that prospective buyers will scrutinize.
10. A Commercial Broker If you find that tips #1 – 9 don’t help, there’s always the nearest friendly and experienced real estate professional. Let the Hughes team step up the sales process by setting into motion their wide-reaching advertising and marketing efforts. Often, businesses are sold without a sign ever going up. The professionals at Hughes Properties can best accomplish this by utilizing their network of potential investors to find you the perfect buyer.
Bob Hughes, Broker
Phone: 760-323-8311 or 877-7HUGHES
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