Business Owners often ask; Should I Close the Doors or Try to Sell?
This is quite often the hardest question to answer that many Small Business operators face at some time in their career. Basically these once positive entrepreneurs or Small Business Owners are in a hole and trying to dig their way out or so ignorant of their financial situation that they see it as their only option. The Business is not or no longer Profitable or Profit Margins are not producing sufficient cash flow ; This is when that business owner needs to seek some of the best advice. If you have exhausted all options you need to rapidly ascertain the true value of what you still have to sell and what you owe.
Funny as it sounds I have sold many operations that were heading this way, these Business Owners were debt free instead of bankrupt.
These vendors swallowed their pride and called in an experienced Business Broker who had a sound knowledge of benchmarks and best practices. I presented to the market what can be done with workable budgets in this situation and achieved a sale rather than just close the doors. This ended the pain of the small Business Owner and minimised their debts which would have be far greater if they were forced to pay out the remainder of their Commercial Lease. There is a Buyer for anything, what increases your chances of a sale is the way the product is presented and marketed by the Business Broker.
If you are a Business Owner and have some question on your options or to find out more about the process of buying or selling (click here) or call Adrian Coyne 0418885666.