No One Knows More About Your Business Than You
You can sell your own business. In fact, you must sell your own business because you are the only one who can. Even if you do hire a broker, you will end up doing most of the heavy lifting when it comes to closing the sale. In my consulting practice, I see this reality over and over again.
Many people talk with me about selling their businesses and are shocked when I discourage them from hiring a broker. Brokers can find buyers, but often they muddy the water between the buyer and the seller, and I’ve seen brokers kill a deal on many occasions. With the internet, your own industry contacts, and your raw determination, you can find your own buyer. If you need help through the process, you are better off paying for the specific skills you need, an accountant for example, or a consultant who has sold his or her own businesses and has experience helping others. You can also hire a lawyer to draw up a contract or an escrow or title company if those services are appropriate. You’ll pay a fraction of the price and have better results if you are in the driver’s seat throughout this process.
Brokers are not appropriate
when you have a specific buyer in mind and have a relationship with that person already
if you plan to sell to a friend or family member
if one or more employees is going to take over your business