Selling Your Business, Here’s How
It can become quite the minefield when it comes to selling your business. There can be many reasons why you would want to sell your business, we will cover some of these further down the line. You might need to use some professionals to help you get everything in order to sell but once you do that leaves you with some free time to start another business or take some time out for yourself.
Why Are You Selling?
This is the first thing that you will get asked when you list your business as for sale. You can take some of the guesswork out of it and tell buyers why you are selling. There can be many reasons and rather than people assuming the worst it is much better for them to know. When you fill out your sale ad you could add it on there, or you could wait to be contacted and then tell them.
It could be due to you retiring and hanging up your boots in the business industry. It could also be due to ill health, if your health has recently taken a downward spiral then it may be better for you to sell your business so it doesn’t get worse. Unfortunately, your selling could be due to disputes in the business, for example between you and another director. Whatever the reason, it is always better to be open and honest from the start.
Consider the time it will take to sell your business, also take into account if anything needs repairing or fixing before the sale. This can take a year or even two before the actual sale of the business. It gives you the time you need to make sure everything is above board and ready to hand over to the new owners. Make sure that when you hand everything over that you explain where everything is and go over the books so it makes for a smooth transition.
Now that you have everything in order it is time to find out how much your business is worth. It can be tricky knowing how much to list your business for and it is important not to price it too high or too low. If the asking price is too high then buyers won’t want to put in an offer, if the asking price is too low then this could put people off as they assume something is wrong.
You can use a business appraiser when it comes to valuing your business. They will know what to do and will make a detailed document explaining the worth of your business. This document will serve as proof of worth when it comes to listing your business for sale.
Finally, it might be worthwhile using professionals when it comes to listing and selling your business. You might need to search for an accountant to make sure that your books and receipts are all okay, dating back three or four years. You will also need a lawyer to help with paperwork for the sale. If you are listing your website online then sites such as sell.io will help you get it listed.
We hope this article helps you get your business listed and sold for a great price.