Industries like technology, tourism, and food services dominate the Victoria, BC economy. In addition, Greater Victoria is also seeing a steady rise in education, marine, construction, health care, and retail businesses. These industries and others are flourishing, so now could be the opportune time to buy or sell a business in Victoria. The sales process can be overwhelming, so it’s best to do a lot of research and preparation ahead of time and work with an experienced business broker in Victoria, BC for additional guidance.
Questions to Ask When Selling a Business in Victoria, BC
Before you list your business for sale in Victoria, BC, ask yourself the following questions to exit with no regrets.
How will I exit my company?
Preparing an exit strategy is essential to selling a business in Victoria, BC. In this phase, you'll start to consider the key details of your exit and form a timeline that answers questions like, "When is the right time to go to market?"; "What are my expectations for this sale?"; "How long will it take to sell?"; and "How much do I need to make off the sale of the business to live comfortably?".
Who will buy the company?
Next, you'll want to consider who your successor will be. The best possible buyer could be a family member or an existing employee. Additionally, it could be a person or group motivated by strategic, financial, or synergistic reasons. Consider your options and think about what type of acquisition would be best for the future of the business and its employees.
What is my business worth?
Setting an asking price is a complex process because so many variables determine the "real value" of a business. Also, the company itself tends to be worth a lot more to an owner than an outside party.
Because of this, it's best to request an Interpretation of Market Value by a third-party. Valuation services understand that financials are just one of the dozens of drivers that determine value; they also look to the business itself and its market space, any realistic growth potential, current market conditions, and much more. With an unbiased valuation of your company, you can easily select a Most Probable Selling Price.
How will I market my business for sale in Victoria, BC?
Marketing a business for sale in Victoria, BC requires a "passive" and proactive approach, which can be a fine line to walk on. This is why many business owners find that it's easiest to hire a business broker or M&A advisor. Not only do Victoria business brokers and M&A advisors have an extensive pool of interested buyers, but they can also reach your potential targets with complete confidentiality.
Considerations When Buying a Business in Victoria, BC
Finding the right business for sale in Victoria is an intricate process and can especially feel overwhelming for first-time buyers. Be sure to make the following considerations when exploring different opportunities.
What are my desired business search criteria?
To find a business that you are a good fit for, you need to determine what factors are most important to you. Some important criteria to consider are financials, location, and industry, as well as business size and growth potential. While it helps to be open-minded and realistic throughout the search process, you'll want to narrow down your preferences to segment your available opportunities better and move forward more quickly.
How soon am I looking to purchase a business?
If you intend to buy a business in Victoria as quickly as possible, you likely want to embark on a more proactive search and acquisition process. This entails a laser-focused approach in which the buyer party is reaching out to sellers with related geographical, financial, and industry-related criteria. (One of the major advantages of working with a business broker in Victoria is that they often have connections to opportunities that are not listed on the market!)
What does the market look like for my desired business in the Victoria area?
Do some research to determine this industry's market trends within Victoria, Vancouver, Kelowna, and other surrounding cities. Consider the current demand for your industry and how it is slated to perform long-term. Pay attention to the industry's growth potential in the local market and through online sales. If the market is already trending upward, think about what it would realistically take to compete.
Why Work with a Business Broker or M&A Advisor in Victoria, BC?
As you can see, the sales process is quite involved on both the buyer and seller sides. There are countless questions and considerations to make. Working with a business broker or M&A advisor in Victoria, BC can guarantee you’re on track to buying or selling your business in an ideal time-frame. They have an in-depth knowledge of the local market and an extensive network of buyers and sellers in the area. If you want to close quickly, working with a business broker in BC is a must!
Pacific M&A and Business Brokers Ltd. has helped countless business buyers and sellers in Victoria, BC! Today is a great day to begin working towards your entrepreneurial goals. Get started by scheduling a consultation with our leading business brokerage network!