Selling your business is often an exciting time. It’s a time when you can finally reap the rewards of all your hard work over the years, put your feet up and ease into retirement or a new venture.
But before you put your business on the market and wait for some incredible offers to roll in, ask yourself one question – do you have a business that someone else wants?
Is it actually an asset you can sell? Will you get the price you’re hoping for?
Whether or not you’ll sell your business for the amount you want or deserve mostly comes down to preparation. If you need to sell your business in a hurry, you probably won’t get the value you deserve. It typically takes a solid year of preparation before you should put your business on the market, and if you haven’t done this, chances are you won’t get the best result.
The good news is there are plenty of people out there ready and willing to invest in an established business. If you’ve taken the time to diligently prepare your business for sale, you’ll no doubt spark the interest of more than one investor. Your business will stand out and be more appealing because you’ve got the systems and process in place to make the purchase and handover progression smooth. Investors like to see financial records, projections for the future and detailed procedures, to name just a few. Without these valuable documents prepared in a professional manner, you’ll struggle to receive what the business is worth.
If you want to sell your business but haven’t yet started to prepare it for sale, and are wondering how to go about it, our free e-book summarizes everything you need to know to get ready, showcase your company and receive the highest possible price. For many business owners who have worked hard for many years, selling their business for an excellent price is the ultimate goal. Don’t waste all your efforts building up the business on poor preparation when it comes to selling.