Have you determined that you would in fact like to sell your business? The thought of, “I can sell my business Tulsa” hit you like a ton of bricks and now you can’t seem to move on. If so, you may be wondering exactly HOW you can start the process to sell your business. There are quite literally endless options for selling your business. But, we condensed a list of at least three different ways to sell your business. At Impact Business Brokers of Oklahoma, we find that these three simple ways to sell your business usually cover most people and their business goals. Simply put, there is at least one option that fits any goal you may have!
- Lease to Own Business
So the sell my business Tulsa bug bit you, and now you want to know what options you have. Many agreements, acquisitions, or any kind of business transaction and terms end up on a lease-to-own business agreement, also known as a lease-purchase method. This is a great method for people who of course want to sell their business, but don’t actually know what they would do without the business. How would they continue income streams? What is their next move? With this method of transacting, you can make your own terms. You can sell the business to an owner operator, continue to make a steady income within the business until a certain length of time. You can even sell and continue to obtain a certain percentage of revenue or profits. And of course that is in the buyer’s best interest to soak in your knowledge and avoid costly mistakes. Typically this works very well to actually close the sale of the business because then, to the buyer, they have the added benefit of having your expertise while they are learning the ropes so to speak.
PROS:
- Consistent Income
- Wide Market of People Willing to Buy
- Mentor the Next Owner
CONS:
- Continued Involvement in the Business for a Set Time
- No Instant Cash Infusion
One Lump Sum!
Okay… this is the way I like to sell my businesses, as do most of our brokers here at Impact Business Brokers. When you sell your business in one lump sum, this usually works if you are in the business of buying and selling businesses habitually. This provides you with an infusion of instant capital. You can even walk away from the business if you choose. Many people after selling their business look into buying real estate, or even commercial real estate. Either way, when you sell in one lump sum, you can do much with liquid cash to continue building your empire and growing professionally. Obtaining the full amount when selling a business is a great option depending on your goals.
PROS:
- Infusion of Operating Capital
- Move on to the Next Endeavor
CONS:
- Letting Go of the Legacy of Your Business
- Capital Gains Tax
- Acquire a Partner
Acquiring a pattern can be a great or a horrible thing and it all boils down to the people. If you are looking to partner up with someone on a business, it absolutely MUST be someone that you already trust beyond a
shadow of a doubt. For the same reason that having a partner is a great thing, is also the same reason it is a bad thing. Having a partner means double EVERYTHING. Double the initial capital investment, which is a great thing. Double the expenses (your profit is split when you partner up). Double the input. Double your time because your duties are split. These are all good and not so good things about acquiring a partner. I tell my clients, obtaining a partner should be looked at like marriage. You are going to be tied to them for life (or at least the life of the business). To get “divorced” it can be messy, emotionally draining, and it’s simply not fun. If you have a business partner that you know very very well, you have worked with them for a long time, and it’s someone that you trust, acquiring a partner is a great way to not fully sell your business, but begin the process of selling pieces of equity that make you money in the long run. Not to mention, acquiring a partner can sometimes be the one thing that takes you to the next level.
PROS:
- Double Operating Capital
- Cut Your Workload in Half
CONS:
- Sometimes Unwanted and Unwarranted Input
- Additional Factors When Taking Risks
*** BONUS PIECE OF ADVICE: Do not become emotional when going through this process. Although that can be a challenge, a successful buy/sell agreement is almost always achieved when both parties remove the emotional aspects of the transaction and focus on logic and numbers.
Anytime I sell my business Tulsa, I look at what I actually want to do next. What is my next goal? Knowing this helps you determine all the multiple ways you can successfully sell a business and make that work for your family! Buying and selling businesses can be fun. The beauty that lies within the business brokerage marketplace, is that there are so many different ways to accomplish the goal of buying and selling businesses. It is a capitalist society we live in. After all, in the business brokerage firm we are working with none other than Oklahoma’s favorite capitalists themselves. Capitalists typically tend to make a way where there is no way. That is how you can look at any potential business transaction, acquisition or commercial brokerage or sell my business Tulsa transaction.
Request a Free Consultation and Receive a FREE Tulsa Business Valuation!
If any of these scenarios sound good to you, we encourage you to request a free consultation and talk with an Impact Business Broker of Oklahoma Specialist to determine the best method you should go through, when selling your business. During this process, you get a free business valuation. That’s right! You truly have nothing to lose, and everything to gain. Make your goals and build your empire now, starting with Oklahoma’s premiere brokerage firm that is ready and willing to be on your side, negotiate on your behalf, and scour the best deals to present to you before the market even knows it is available!