DIY Business Sale: Your Go-To Guide for Selling Without a Broker

All right, so you're thinking about selling your small business or financial advisor practice, and you want to do it without dealing with those broker fees or giving up control. Smart move! Selling on your terms can ensure all your stakeholders feel like winners on the way out (including you!). Buckle up because we're breaking down the five steps to make it happen: set goals, check out your business, spruce it up, shout about it (in a cool way), and finally, seal the deal.

Step 1: Plan Your Game

First things first, let's figure out what you're aiming for.

Action Steps:

Cash in Mind: How much moolah are you looking to make? Set a realistic target considering your debts, financial goals, and the time you're willing to give.

Dream Buyer: Picture your ideal buyer. Are they a financial whiz or someone who'll carry on your business legacy? Get clear on what you want in your business's next chapter.

Winning on The Way Out: Consider all the people who will be affected by the sale. Think about what each stakeholder will consider a win for them. Your stakeholders are your customers and clients, the buyer, you and your contractors or employees.

Time Crunch: Map out a timeline from prepping your business to popping the champagne. It'll keep you on track and help you hit those milestones.

Step 2: Check Out Your Business

Let's put on your detective hat and dig into what makes your business tick. The key here is to look at your business as a potentiation buyer would.

Action Steps:

Wallet Check: Dive into your financial statements. Anything fishy? Clean it up and make sure everything's laid out in a way that even your grandma could understand.

Smooth Operator: Look at how your business runs. Find places where you can tighten things up, cut costs, and boost productivity. Streamlining is the name of the game.

People Watch: Take a good look at your clients and staff. A loyal clientele and a kick-butt team can seriously up the value of your business. It's like having a secret weapon.

Step 3: Spruce It Up

Time to give your business a makeover and make it irresistible to potential buyers.

Action Steps:

Tech Upgrade: Bring your business into the 21st century. New tech, new systems—show that you're not stuck in the past. Tech-savvy buyers will love it.

Manuals, Manuals, Manuals: Document everything. Make manuals for your key processes. It's like a roadmap for the new owner. Plus, it makes you look super organized.

Dress to Impress: Professional branding and marketing materials can turn heads and attract a wider range of buyers.

Step 4: Shout About It

Let's get your business out there and quietly make some noise.

Action Steps:

Create the Ultimate Info Pack: Put together a killer package with all the details about your business—financials, client stats, and growth potential. It's like your business's resume.

Rub Elbows in Your Industry: Attend events and network like there's no tomorrow. Industry connections can lead to word-of-mouth sales. Who doesn't love a good referral?

Quietly Use Listing Platforms: There are online platforms and business-for-sale websites that prioritize confidentiality. These platforms often have features to protect the identity of the business, allowing potential buyers to access limited information only after signing a non-disclosure agreement (NDA). Examples include BizBuySell, BusinessesForSale.com, or Quiet Light Brokerage.

Step 5: Seal the Deal

You've drummed up interest, now let's close the deal.

Action Steps:

Negotiate Like a Pro: Get into the nitty-gritty with potential buyers. Figure out the dollars and the details. Once you're happy, bring in the legal eagles to draw up an airtight sales agreement.

Spread the Word: Let your people know. Employees, clients, suppliers—keep everyone in the loop. Transparency builds trust and helps avoid any drama during the switcheroo.

Smooth Sailing Transition: Plan out how you'll hand over the reins. Training, timelines, and ongoing support are key. Make it a smooth transition for the new owner, and you'll both come out smiling.

Figure Out What’s Next for You: If you don’t know where you’re going, any road will get you there. Un-certainty about your next steps after the sale can cause un-necessary anxiety. Think 2-5 years down the road.

Conclusion

There you have it – your crash course in selling your business or financial advisor practice without a broker. Take charge, follow these steps, and you can successfully navigate the sale on your own terms. Winning on the way out means all your business stakeholders are winners (including you) and a legacy that'll make you proud. Go on, boss—it's your time to shine!

Schedule a call with me to have a confidential Get Acquainted session with someone who’s been through the process of selling a business he built and grew. I’d be delighted to support you as you begin your journey.