Need Advice on Selling my business
Hey guys,
Sorry guys first time posting here. I've been reading on this sub for a while, and I really appreciate you guys on this sub. I'm sorry if I'm seen like I'm whining or talking in circle but I'm seriously at a loss here. I'd appreciate any advice from people from who've sold their business or is experience in this field.
So I've been in the restaurant business for around 10 years now, and honestly I'm burnt out, I want to retire. Business is stable. I'm not growing but not loosing money either. I've made enough.
I've listed my business for sale at BizBuySell, so far a few buyers have contacted me. And I think my price is reasonable enough compared to others in the area. So far they seems interested and a few came by for property visits, but none made any offers yet.
My question is I've contact a broker for help and they're asking for 15% of final sales price. Their contract is making me feel uneasy. By uneasy I meant it felt binding, or maybe I'm just overthinking things.
So is having a broker worth it? Or should I try selling this by myself first since I've gotten a few interested buyers already? And usually, how long is a business up for sale for?
The thing is I have a job offer and will need to leave the country in 7 months, so I'm crank on time. I felt like a broker contract will just binds me, but I might not be able to sell on time by not having a broker.
I'm sorry for being so indecisive and whiny. I wanted to get money out of this after investing in this business for 10 years. I don't just want to liquidate my assets and getting scraps. I hope I'm not being unreasonable here.
I'd very much appreciate anyone who can share with me your process of how you manage to sell your business and how long it took.
Thank you in advance guys, sorry again that this is such a long post.