ExecutiveChronicles | 8 Important Tips for Selling a Business | Are you worried about the process of selling your company? According to the Small Business Administration, this can be a difficult choice!
Now that you’ve poured your time, money, and heart into what you do, it’s crucial to get this done right.
The good news is that if you’re selling a business, there are eight tips for selling a business that anyone can use in the paragraphs below. Read to the end to find out what entrepreneurs like yourself have found for this process!
1. Assess Bookkeeping and Accounting
If there’s one thing that potential buyers want, it’s a transparent accounting of the finances. Businesses for sale that need to straighten out their reports may need to consider enlisting a CPA for help. According to the Association of International Certified Professional Accountants, having an expert by your side can be critical to success.
2. Consider Different Buyers
If you’re worried about attracting a new owner with a pressing deadline, start thinking outside the box. A loyal employee or a business owner in the community in an unrelated industry may have a previously unknown desire to get into your line of work.
3. Don’t Rush Negotiations
One of the most helpful negotiation tips is to put a heaping pile of patience in your pocket. Tactics from aggressive buyers trying to get your hard-earned business for a song shouldn’t push you into making a poor decision.
4. Prepare for Due Diligence
Investors interested in different types of businesses usually have strict criteria they want to find. Don’t take any of the questions personally and prepare enough to have confidence when a prospect asks for more information. If you’re going to sell your business, get ready for a wide range of inquiries about the state of your company.
5. Find Expert Advice
Selling a company is not something that you do every day, so you want to have knowledge and experience on your side. Even if it costs you some consulting fees, the long-term benefits will outweigh the pain of the upfront costs.
6. Consider Your Price
While you should never settle for less and go for the most you can get out of your company, be honest as well. Look at your situation from an outside perspective, and if that proves difficult, find it from a trusted advisor.
7. Prevent Surprises
If there’s one thing that will make selling a company difficult, it’s unexpected events. Assess the risks carefully and plan to keep your boat away from choppy waters until you’re free and clear from your obligations.
8. Plan for What Happens Afterward
Selling a company is a monumental accomplishment. However, you want to have a plan that supports the next steps in your life and career.
Need More Advice for Selling a Business?
Having some tips for selling a business is a good start, but what if you’re still worried about happens next? Don’t hesitate to reach out to trusted friends or enlist the help of a seasoned CPA. Also, you must never stop learning!
Did you learn some helpful “how to sell a business” tips today? Check out more of our great advice for entrepreneurs from our blog!