The decision to sell your business should never be undertaken lightly. Your reason for doing so will vary from someone else’s. Yet the process you undergo to make the sale in Washington State a success should mirror many other types of businesses. This is as true for marijuana businesses for sale as it is for a pastry shops or restaurants.
Going with a Business Broker
One of the common means through which IT, restaurants and marijuana businesses for sale find the right buyer is through a business broker. A business broker is usually the ideal individual to handle your property for several reasons. He or she understands:
- The market in your location in Washington State and beyond
- The complexity of the product and/or nature of the business
- The specific nature of business and business realty law
- How time-consuming the process may become
- The particular nature of certain businesses or companies
- A business valuation
- What you may need to do to ensure a good sale price
- What he or she needs to prove the worth – intrinsic, intangible and tangible to a buyer
- How to properly market and promote your business
- Where to find quality and qualified, serious buyers
These are the ways a business broker can help you achieve your goal of selling your business.
Signing a Listing Agreement or Contract
The business broker has his or her goal. Before realizing a sale, you will have to sign a listing agreement, or contract, with the business broker. Prior to setting pen to paper, you need to look thoroughly at specific key terms. Among the certain issues you should look at are the following:
- The Prices and Terms: You need to look at exactly what you want for the business. Do you want deferred payments or cash? The former is common concerning man businesses, including marijuana businesses for sale.
- Fees or Commissions: What are the broker’s fees? Does he or she want it as a flat rate or as percentage of the price? If the sale price actually goes up, will he or she expect more?
- Terms of Agency: What are the conditions you agree to abide by when you let this broker and/or agency handle the sale of your Washington State business? Is it an exclusive representation? How long will he or she be your broker? Can you fire the broker?
- Advance or Retainer: Is there a fee for retaining the services of the broker?
- Promotion: What will the broker use to promote/advertise your business?
- Showings: What is the arrangement for viewings? Are specific times or days listed or suggested?
Be certain you read these clauses carefully. Make suggestions but be sure to send it to be vetted by your lawyer.
Marijuana Businesses for Sale
Making the decision to sell your business in Washington State is a big one. When you decide to proceed, you need to make certain that everything proceeds as smoothly as possible. To help ensure this, choose the right business broker. Pick one who is capable of addressing your concerns and listening to your needs. If you have chosen wisely, you will have a broker who can find buyers for any type of business including marijuana business for sale.