Are you ready to sell your business? Whether you’re looking to retire or hoping to explore a new business interest, there are steps to take to get the most out of selling your business. Follow these 6 steps to sell your business and help make the process a breeze. Here are some tips to sell your business:
1. Get organized
If you’ve owned the business for a long period of time, it’s likely it’s operated on auto-pilot here and there. Gather your financial statements and go over them with your accountant to make sure everything is in order. Make sure you really understand the state of your business as it is right now, especially if it’s had a few transformations through the years. Take this time to write down the basics of your business -- revenue, equipment and inventory, logistics, what makes it successful, and even how it could improve.
2. Try to keep emotions out of it
We understand this business has been a part of your life, maybe even your family, for years. As a business owner, it can be hard to let go of something you helped build. If you’re wanting to sell, you’ve probably let go of some of these emotions, but maybe not all of them. We’re not saying you shouldn’t be emotional about this next step in your life, but it’s important to not take the process personally, as it could cause you to lose out on the sale.
3. Determine the value of your business
Determining the value of your business can be hard to do on your own, and where the expertise of a business broker can come into play. Some of the determining factors to take into consideration in valuing your business are,
You never know who is looking to buy. Get yourself out there and network! Networking could lead you to a buyer or broker and help you gain insight on the market.
5. Find a business broker
If you haven’t already, find yourself a business broker. They can help you determine a realistic asking price, market your business, connect you with buyers, give advice based on their own business experience, and guide you through the whole process.
6. Keep an open mind
If you receive an offer, listen to the advice of your business broker. They know the market well and can advise whether or not it’s a good offer. Never accept anything you’re not comfortable with, but if you’re serious about selling, don’t miss out on an opportunity.
Nadir Jiddou is an experienced business owner. Having bought, owned, and sold businesses himself, he can offer you personal as well as professional insight into the process. Whether you are looking to sell your business, buy a business, or find the ideal site for your business, Nadir will guide you through the process and help you achieve your goals. Are you ready to take the next step? Give Nadir a call today to get the process started.