Checklist for Selling a Business
When you are planning to sell your business, there are some things that you need to keep in mind. It is advisable to have a checklist of the things that is essential when selling your business.
This would serve as a guideline that can ensure that everything is covered from start to finish.
There would be no important matter that would be left undone. If you decide to sell you business, it is best to think about it way before like six months in advance. It is also best if you can determine if your expertise is critical factor in making your business successful. There are times when you wish to consider being involved in your business. The possibility of potential employment with your previously owned business is a wise move for you to take. It is advisable that you take the time in identifying your potential buyers.
The first in the list is to plan your exit. Consult your financial and legal advisor before selling your business. Some business owners even restructure their business to optimize the sale. Prepare necessary documents like financial statements. Pinpoint positive growth of business including latest trends. Identify also the potential of the business in coming years. There is what you call business brokers that can help you in organizing the sale of the business.
The next on the list is valuing your business. Monitor the value and sales price of your business. Check all the assets associated with including properties and stock. Find liabilities of your business. Examples of this are your debt and cost in equipment upgrade. This is where your broker can help by setting up the price and value. If it’s possible, prepare an information package that would be distributed to your buyers.
Another essential thing to remember is marketing your business. Plan a way to advertise your business. You could post an ad in some magazines or business newspapers. Make sure to target your potential buyers. The internet is a great way to sell your business. The market base is very broad. You could reach to a lot of potential buyers that are serious and willing to buy your business.
Meet with buyers to discuss business operations. In this way, you can explain to them the process and management system of your business. It would also be good to meet them personally so you could answer their questions. The best place to meet them is in the business premise itself. While in the process of selling your business, continue to do the normal day to day operations. Never allow it to decline.
A business broker or solicitors are the best persons to assist you in the whole process. They come handy especially when you are negotiating in sales terms and condition. This would include price, training and transfer of leasing. Taking a 10% deposit for your potential buyer is a good idea. This can protect you from fraud. Make sure you are guided by a lawyer. Draft your business proposal and contract of sale during the settlement period.
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