I want to sell my business, where do I start?
When it comes to selling a business, there are a huge number of factors and decisions that you have to take into consideration. With many internet forums and advice out there, it can be difficult to know that the key points are and where to begin. In this article, we break down our top tips for where to begin after you have made the decision to sell your business.
Think about why you have decided to sell
If you have made the big decision to sell your business, likelihood is that you have a very good reason for doing so. Remember that a buyer is going to ask you why exactly you have made this decision, so you better have a well-prepared answer. Some common reasons for why owners sell their businesses include retirement, becoming overworked or partnership dispute. You should be as open and honest with potential buyers from the start, as this will help you build up trust.
If you want to make your business seem attractive to buyers, think about points you can focus on showing off. This includes consistent income figures, having a strong customer base, or a big contract which spans several years.
Time of the sale
It will be of great advantage to you if you prepare for the sale as early as possible, usually a year or two ahead of when you would like to sell. Having this period will allow you to make your business more attractive to potential buyers. You will have the chance to improve financial records, customer case, and your business structure. Not only will this allow for an easy transition from seller to buyer, but it will also allow the business to continue running smoothly.
Get a valuation
Naturally, you will want to ensure that you are getting the best price possible for your business. At the same time, you want to make certain that you do not price it too highly and dissuade buyers.
This is where FastCash4Houses can help you. Our business valuations operate in 3 simple steps. First of all, you will tell us about the property, then we will process the property valuation, and finally give you a no-obligation cash offer within 24 hours.
It is vital that you gather your documents, from financial statements to tax returns, and review them with an accountant. In addition, you should draw up a list of equipment that you are selling with the business. Create a list of contacts related to sales transactions and supplies.
Once you have done this, you should create copies of these documents and distribute them to financially qualified potential buyers.
In the information you provide, you should also give a summary of how the business is run, as well as an operating manual if you have one.
Make your business presentable and fix any part of the business which is broken or run down prior to the sale.
We hope that this article has provided you a good starting point for selling your business. If you have any further questions, get in touch with our friendly team at FastCash4Houses.
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