We want to share with you a classic tale of selling a small business.
One of our pilot DealBuilder clients was a tiny Chocolate Shop in a small town. (We’re talking $150K annual revenue small.) The owners decided they were ready to retire and spoke to a Residential Realtor about selling and got the following advice:
“I’m sorry, but you're better off selling all your inventory and closing your doors. You're too small to sell your business."
Luckily, they didn’t listen to this advice and sought out a second opinion. After we met with the new owners, we agreed on an asking price of $140,000 and sent out the listing to our buyer list.
What happened next surprised everyone.
Within 5 days, we received 2 full-price offers for their business. One of the buyers even flew across Canada to visit the shop in person. Within 2 months the deal was closed. While unusually fast, this hasn't been an outlier on our DealBuilder platform - here's a few other examples 👇
This story violates a few narratives about selling small businesses:
"You are just buying a job"
Most buyers are aware and happy with this. (Goal: be your own boss)
"You can only sell a Main Street business to someone locally"
Not true, in many cases buyers are from out-of-town.
"Small businesses take 12+ months to sell"
While a sale can sometimes take this long, our experience is that if a business is priced & presented correctly that even the smallest businesses can sell quickly.
The moral of the story: don't write off selling your business as an option.
We've seen businesses as small as $12,000 to as large as $1,400,000 sell on our platform.
If you want to learn more about selling your business, click here or get started with a free business valuation.