Business owners, just like homeowners, can easily spend a lot of money and time preparing for a sale. Just like a residential property, businesses have some upgrades and renovations that will add to the asking price and some that will not translate into an increased return on your investment.
If you have a business for sale in California, and specifically in Santa Clara, CA, knowing what to improve and upgrade and what it leaves as is will be a critical factor. Talking to a knowledgeable business broker, rather than a commercial real estate agent, is always the best option.
A professional, experienced business broker is geared to selling your business. This means completing a business valuation, considering the market and networking with potential clients looking for a business for sale that is a good match for your company. This can help to speed up the sale of a business significantly, reaching national and international buyers immediately rather than relying on local buyers.
A real estate agent is a good choice for selling a property and a building, but not for selling and marketing the business. These professionals are experts at providing informed information on property values, but they are not trained to market and sell the assets of the business.
What to Do
The first step will be to talk to a broker and make important decisions about your business for sale. In some instances, there may be minimal preparation, but for most companies there can be two or more months of gathering information, putting records in order and ensuring the business is set up for new ownership.
Other issues and considerations such a painting, renovations, buying new equipment or even remodeling or renovating should only be considered after discussing the return on investment with your business broker in Santa Clara, CA.