Over the next decade, six out of ten U.S. business owners plan to sell their companies – a noticeable increase over previous years. Many are baby-boomers, with an eye on selling their businesses to fund their retirement and as a result sale preparation and exit strategy are high priorities.
Start taking steps today to prepare your business for sale so you can maximize your long-term value and create a more profitable company.
Deciding to Sell Your Business
Small business owners have many different reasons for selling their companies. For some, a business sale is the logical conclusion of a long and successful entrepreneurial career. But for the others, the sale may be motivated by a personal or family crisis, a new business opportunity or an unexpected change in business conditions.
Preparing Your Business for Sale
Prospective business buyers won’t simply take you on your word. You need to have documents ready to support every claim you make during the sales process. During the course of a business sale prospective buyers will expect to see “just the facts” about your business. Therefore, you will need to have all your documents completed and organized before the business ever hits the market.
Determining Your Price
When selling a business, it’s critical to get the asking price right. Set it too high and you won’t get any buyer interest. Set it too low and you’ll leave money on the table. So when you set a price for your company make sure that every penny of company value has been accounted for while also remaining realistic.
Marketing to & Qualifying Buyers
It is a great feeling to receive interest from potential buyers when selling a business. Let’s face it — selling a business independently can be a lot of hard work and a major time commitment, and when people show interest in what you are selling it can translate into a quick, painless sale.
Negotiating and Due Diligence
Any owner can put a business on the market, but selling successfully is another story. With thousands of dollars hanging in the balance, today’s do-it-yourself sellers need to learn the fine art of negotiation before it’s too late.
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