If you’re seriously interested in selling your business and are overwhelmed by the thought of the process of selling a business, there’s no need to stress, simply continue reading to discover a handy guide to selling your business.
Don’t Stress! The process involved in selling a business may not be as difficult as you think:
- Consider selling your business to one of your competitors
If you’re unsure of how to go about marketing your business to potential buyers, it’s well worth reaching out to some of your competitors to see whether or not they’d be interested in negotiating a deal over the sale of your business. As your competitors may be keen to decrease their competition and may be willing to pay good money to take over your business and to increase their own profits as a result.
- Carefully value your business and consider getting your business independently valued
Before you even consider signing over the ownership of your business to another individual or party, it’s well worth looking at www.bcms.com to help with getting your business independently appraised. To ensure that you don’t consider an offer which is well below what your business is worth.
Also, make sure that all of your business’ assets have been accounted for in your business’ value. As an example make sure to record the approximate value of your business’ remaining inventory and furniture.
- Think about whether you have to pay off any third parties
If you are the sole owner of your business, it will be far easier to sell off your business as you won’t have to consider paying off any third parties.
However, if you have shareholders or stakeholders who have provided your business with capital, you’ll have to consider whether you need to pay your shareholders or stakeholders out of your business or whether you think that you’ll be able to sell your share of your business to a new individual. Who will be ok with only owning the majority of a business, instead of 100% of their new business.
- Consult a lawyer before you list your business for sale
It’s well worth making an appointment with your lawyer so that you’ll be able to discuss your legal obligations with your lawyer, in order to ensure that the sale of your business goes through smoothly.
- Look up ads for similar businesses which are for sale
It’s also well worth looking up ads for similar sized businesses in your city which are for sale, in order to ensure that your business’ current valuation is fair. By looking up ads for similar businesses in your city you’ll also get a feel for the market and whether or not it is the right time to sell your business. Or whether it’s well worth waiting for the market to shift so that you’ll be able to get more money for your business.
So if you’re still interested in selling off your business, it’s well worth using the 5 tips listed above in order to ensure that the process goes as smoothly as possible and that you get a fair, competitive price for the business which you’ve worked so hard to build.