• You need a business broker A business broker is there to present your business in the best light possible. If you believe you can present and represent your business better, you may not need a broker.
• You don’t need a CPA or attorney You want both. Don’t be a fool. A CPA will help dive deeper into your numbers. An attorney will make sure your asset is protected in due diligence and throughout the entire sale process.
• Don’t speak with your competitors. Depends on your exact situation. Your competitors could be your best option for exiting.
• Don’t ever tell your employees Depends on your situation. Key employees can many times be your key to selling at the highest valuation possible.
• Better to reduce your price for cash You want cash flow, not cash (most of the time). This is what we specialize in.
• We have lists of thousands of buyers Most small businesses need a specialized private equity group that rolls up businesses of their type or a solid operator.
  Lists of thousands of buyers do nothing most of the time. Your buyer is most likely within 50 miles of your business.
• Buyers should have lots of money to put down or else don’t speak with them Financials don’t matter as much as operator capability Another myth spread by most brokers is that more cash down matters. Cash cash cash. Operator capability matters more than buyer financials.
• Usually the multiple is 3x earnings. Multiples are highly subjective and highly dependent on the industry and associated risk with a purchase. Also multiples on “active” cash flow or highly operator intensive businesses are super subjective with no real basis.