There are five simple, yet important, steps to consider when selling your business:
Organizing Financial Documents: Well organized books, balance sheet, and a clear outline of all assets will not only streamline the valuation process but will also make your business more appealing to potential buyers. Therefore, before listing, make sure all of your financial documents are in order.
Understanding Market Value: In order to list your business, you must first understand business valuation. What sets your business apart? What makes it profitable? What have other businesses like yours sold for with similar revenues and profits? Not only are these details important for determining what your business is worth, but essential to the success of your slae process.
Exit Strategy: It is important to plan an exit strategy even before you believe you might want to sell. The unexpected can occur and having a solid plan can ease the process of listing and selling. For instance, a business owner may become ill, lose interest, or maybe the hopes of passing the business along are unlikely as your children have passions in different careers. Therefore, a well-planned exit strategy can make the process of selling down the road much less stressful.
Boosting Revenue and Sales: The best time to sell your business is when your sales are at their best. You would be hard pressed to find a buyer willing to take a shaky business off your hands. If sales are declining, you should avoid listing your business. If you are hoping to sell soon but have had trouble boosting sales, consider speaking with your broker about marketing methods to help increase attraction and customer retention.
Business Broker: Transworld Business Advisors are not only equipped in both the buying and selling process but have specific expertise in most industries. Therefore, they are not only interested in helping you sell your business quickly and at the best price, but they have the tools to do so. Not only will they help ease the process with professionalism and experience, but Transworld also has a network of interested buyers ready to make an offer on your business.
Hi, we’re Maine Business Advisors and we focus on assisting business owners in the buying, building and selling of businesses. Whether you are looking to retire or just getting started, we can help.