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Published by Leonardo Calcagno
Want to sell your business? Well before you do there are some crucially vital tasks that you need to complete. To find out what they are and ensure your business sale goes through quickly and with the minimum of hassle, read our easy to understand guide below.
Get a valuation
First of all it’s crucial that you know how much your business is worth before you try to sell it. If you don’t have an accurate read on this piece of information you could at best be very disappointed with the offers you get and at worst take vastly less than it’s worth.
Having your business valued means getting a realistic estimate on all the assets that are associated with your company. That means physical assets such as bricks and mortar stores, vehicles and stock, as well as less tangible assets including your brand identity and voice.
Have a firm grasp of your books
Another thing you will need when it comes to selling your business is a very clear idea of your finances and accounts. Indeed it’s impossible to get your business properly valued without this, and it can be very hard to convince a potential buyer that they are taking on a good deal without this information going back at least three years.
Be sure to include a detailed breakdown that covers not only your incoming and outgoings but what you are spending money on from staffing to stock, to advertising. Also where you can demonstrate the value of any marketing and advertising you do by showing the return you made on the investment.
Put any conflicts to bed
Conflict and dispute are not uncommon in the business world, and an owner can get into it with suppliers, staff, and even competition. However bad blood is not something that you want to surface in the middle of trying to sell your business, so it’s crucial that you settle any arguments or disputes before you put your business on the market.
Find a good broker
The next task when selling your business is to find a good honest broker. For this you will need to work with a business broker as they specialize in selling commercial enterprises and will have the expertise you need to maximize your return. Good business brokers also have the connections in the business world that will help you get the very best possible sale and the biggest profit margin.
Decide what you will do when your business is sold
Last of all, many entrepreneurs are so focused on getting their business sold that they completely forget to consider what they will do with their time once it’s out of their hands. You may want to take a break or a holiday for a time before launching into another enterprise. Alternatively, you may be selling a business to find your enderbours in the next one. But whatever you do make sure you have some structured plans in place as these will help you avoid that post-sale slump.