Selling your business can be an incredible way to earn a profit. If you’re looking to retire, or you buy and sell businesses as a career, it’s safe to say that you probably want a successful business sale. To achieve a successful business sale, follow these necessary steps.
The first step in achieving a successful business sale is evaluating your business before a buyer does. Make sure you know the value of your business before opening it up to the buying market. If a buyer makes an offer on your business before you know its value, you may not get the money you want. In order to evaluate the value of your business, look at operations, marketing, personnel, technology, legal, regulatory, insurance, environmental, and contractual areas.
The next step to selling your business with success is cleaning up your balance sheet. The balance sheet is the way that buyers learn about your company’s finances. By cleaning up the balance sheet, you can provide buyers with a clear and concise financial history of your company. You should also have your financials audited. This way, you will be in a better position as you go to sell your company. The audit will show your company’s legitimacy and value, and will also impress a qualified and knowledgeable buyer.
Next, evaluate the market. Look at the other businesses for sale in your industry. Evaluate their value and how much they’re selling for. Use these comparisons to make sure your business is priced right.
Finally, get some publicity. A business that is popular in the public eye will gain the attention of buyers. A popular business will also have a high value. Buyers may even compete with one another to purchase your business, raising the value even more. Don’t be afraid to advertise your business, even though you’re planning on selling it. The money you put towards advertising could be made back during the selling process.
For help selling your business, contact Hallmark Business Brokers. We are available by phone at 941-445-4726, and we hope to work with you soon!