Help needed to sell a business
My dad passed away 2013, I had to fly back emergency and take over. Little did I know that the company was bankrupt with legal quagmire. At one point I had to sleep in my car as I had to sell everything to pay debt and negotiate more time to pay off. The experience had an effect on me and I never try to keep debt even credit card debts and pay off as soon as it accrues.
The business was in steel structures for construction industry which had high revenue , profit margin was around 15 to 20 percent with tedious cash flow as credit cycle was long. When I took over I wanted good cash flow to pay my employees and suppliers on time so switched to making branded products which soon became profitable and became largest supplier of various industrial equipments in the region.
After couple of years I lost interest as I wanted to do something else and decided to sell off the business.
I tried selling the business for past 6 years but could not. It is very frustrating as it is no debt profitable company, well run and managed but less than 1 million dollars revenue with good margins and management team. Got many buyers but few with cash.
I got many leads but out of them just 2 were serious. Majority of local buyers are asset based buyers who are pricing the business on asset but I wanted to get on six times EBIDTA. One of the deals the broker messed up badly.
I tried playing around with the price in different businessforsale platforms but it is not helping much. I have many buyers but they do not have finance and it is tricky to give out business as local banks do not finance the business. I want to move to another country so is in hurry to sell off the business. I tried major online sites like businessforsale.com and businessesforsale.com, smerger.com and many local sites
i, Which platforms do I post which are genuine?
ii, What are some effective ways to sell ?
iii, Any email database available like M& A for below 1 million dollar revenue company?
Any genuine ideas would be welcome.