The decision to sell your business is made and now what?
Preparing your Business for Sale and how you present your business can make or break a deal.
Sure there are lots of things you need to make sure are in place to help you present your business in an attractive manner.
These can include:
• Determining a sale price for the business and establishing how you come to that figure.
• More than likely a potential buyer will ask why you’re selling the business so be prepared for this question as this can be detrimental if you’re unaware and unable to give an explanation of why you’re selling the business.
• Having up-to-date financials puts you miles ahead of those businesses that can’t (or won’t) show their books. Look at it from a buyer’s perspective. If the business can supply up-to-date financials (and the more formal you financials the better) chances are that the business will be taken a lot more seriously than a business that does not have up-to-date financials.
• Can you demonstrate your business’ true profitability? What can you add to the bottom line? What add backs are there?
• Have you considered tax implications? WhatPriceMyBusiness works closely with accountants, lawyers, financial advisors and other professionals that can advise and help you understand the ramifications of your personal and company tax situation prior to putting your business up for sale.
• Vendor finance. Have you considered it? This option is becoming more and more popular.
• First impressions really count you don’t get a second chance at a first impression.
• Permits, licenses, leases. Have your paperwork ready.
• Don’t let your business suffer because you too focused trying to sell your business (yourself). It’s really easy to drop the ball if you’re trying to sell your business yourself. Buyers love this as it gives them additional clout to put in a lower offer. Don’t let this happen to business.
You can remove a lot of the stress of Selling your Business by engaging an experienced Business Broker. WhatPriceMyBusiness Pty Ltd has been in the industry for many years.