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A FEW General Tips on "Selling a Business."
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Make sure you really want to sell your business and that the timing is right.
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Continue to run the business to the best of your ability - maximizing sales and profits.
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Decide what you are really trying to sell - Cash Flow, Growth Potential, Assets, etc., etc., etc.
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Sell off or dispose of any non-producing assets.
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Prepare a comprehensive list of all assets to be included in the sale.
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Make sure all financials are up to date and have at least the prior 3 years available.
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Be ready to answer common buyer questions such as - Why are you selling? - How much do you want and how did you arrive at the price? - What could a new owner do to increase business? - and a multitude of other questions.
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Make sure any prospective buyer is fully screened and qualified.
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Understand that too many buyers visiting your business will disrupt the way you do business and comprimise confidentiality.
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Be prepared to move quickly. - Don't let the deal drag. Realize that the longer it takes - the less likely it will ever close
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Business owners will sell for a variety of reasons. - Burnout, tired, wanting to cash out, wanting a new direction, health issues and retirement are among the most common.
All business owners will reach that time when they want to move on.
It can be either a painful or joyful time - depending on the circumstances.
The goal is to make it a joyful time - at the right price and with the right buyer.
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