In preparing the company for the sale, the owners must adopt the appropriate mindset that provides a level of commitment to the process that is conducive to a successful and optimal transaction. A great deal of time is needed to effectively market the business and negotiate a successful transaction. If the business owners are attempting to manage this process themselves and continue to run the business, it is likely that one side is going to suffer. Typically, the business suffers from less owner involvement when owners choose the “for sale by owner” route.
Hiring a professional business broker allows the business owner to continue doing what they do best—effectively running the business. Nothing is more embarrassing or more difficult to overcome than attempting to sell a business that the owners have neglected, resulting in lower revenues or unfavourable trends in financial performance, while pursuing a sale of the business themselves. Owners can be consumed and overwhelmed by the demands placed upon them by the business and the marketing and sale process. By managing the marketing and flow of information between the business owners and prospective buyers, the business broker removes a tremendous burden from the shoulders of the owners/management of the business. This should allow for continuous, uninterrupted management of the business in an effective fashion and an optimal outcome for all parties involved in the transaction.