Bill Bromely found his first construction company when he was just 25 years old. Since then he has successfully built and sold companies in advertising, production, hospitality, distribution, and other industries. After spending nearly two decades building businesses, Bill finally decided to utilize his extensive operating experience to help people make a profit by selling their businesses.
Bill founded Investment Business Brokers, a business broker agency in Dallas, Texas that helps people in buying and selling businesses. With his strong understanding of establishing a business, he has built up a team of experts who advise clients on how to navigate difficult decisions, seek creative opportunities, and close transactions. His team now assists business owners and investors to buy companies, strategically exit or sell companies and raise debt or equity capital.
The agency with its team of serial entrepreneurs with a combined experience of over 25 years of buying, selling, and growing businesses, has been helping make buying or selling your business as painless and profitable as possible for its clients.
“Don’t wait too long to sell your business.” Bill, who has a strong understanding of what it feels like to be in the shoes of a “C” level executive shares his mantra for building a successful business of selling businesses.
He shares the common mistakes that people make when selling their business:
- Not Planning Ahead
It takes a lot of planning to sell a business. You don’t get the ideal customer to walk out of the blue and offer you a deal. You need to plan. Keep your records updated. Have your sales portfolio ready. Prepare a detailed history and so on. Numbers are the first thing that the buyer is going to look into before taking discussions further. You need to make sure that you are ready with them. Be well-prepared to give them what they are looking for.
- Accepting The First Offer You Get
“Your first offer is never the best offer,” Bill says.
By accepting the first offer you get, you are potentially missing out on plenty of other good opportunities. For whatever reason you are selling the business, don’t make this mistake. Be patient, look for options and only then make the decision.
- Not Seeking The Right Help
Flying solo, and thinking that you don’t need help with selling the business is the biggest mistake people make. It will take a lot of your time, energy, and money as well. The right professional will make the job easy for you. With their expert planning, strategizing and representation skills they can get the best bang for the buck for your business.
“At Investment Business Brokers, this is exactly what we do. We assist our clients with a business valuation, planning their exit and finally selling their businesses.” Bill says.
If you are seriously planning to sell your business, and don’t want to make any mistakes, you can get in touch with these experts.