Business owners sometimes choose to sell their business, and every business owner has different reasons for doing so. Sometimes, you’re simply tired of running it and would like someone else to take over. Other times, there is another business opportunity that you’d like to get into. Whatever your reason for selling your business, one thing is clear: you want to get the best possible price for it. But getting the best price entails preparation; your business should be adequately prepared for a sale. Here’s the best way to prepare your business for a lucrative sale.
Establish your goals
When you have decided that it’s time to sell your business, the first thing you should do is establish your goals. Do you want to sell all of it outright, or do you still want to have a certain hold on it? If you still want to have some form of management over it, then you may want to consider a partial sale. If you want to sell your entire business, you should consider what aspects it has that make it an attractive sale – and this is where thinking like a buyer can give you the answers. What do you think buyers in your sector are looking for? Assess your business – what makes it a good investment? Is it the product or service itself? Is it the flexibility? Is it the location? Think about this, and once you have determined what makes your business most attractive, capitalise on it and enhance it.
Rely on an expert broker
One of the best and surest ways you can sell your business without exerting too much effort is to rely on an expert broker. The broker will list your business and will be able to market your business in the proper channels, and they will have the necessary experience to conduct complex negotiations with buyers in order to get you the best deal.
If you don’t know any brokers, you can ask other business owners or colleagues for recommendations. Look for brokers who have been able to sell a business in good time, with a good price. Once you have found several prospective brokers, narrow your list down by selecting those who have experience selling a business which is similar to yours or at least in the same sector. A broker has another role as well: they can give you the best suggestions when it comes to making your business more attractive to prospective buyers and ultimately selling it at the best possible price.
Find an expert accountant
To prepare your business for sale, it’s also in your best interest to find an expert accountant. The accountant will help you reduce capital gains tax, and they can help you with your tax planning as well. An accountant can also help make sure that your financial records are in good order – which is important for serious business buyers.
Selling your business may not be easy, but with the proper preparation and experts by your side willing to lend a hand, you can sell your business and get maximum value for it.
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