Selling your business is one of the most important decisions you’ll have to make. Deciding how much your business is worth is one of the main issues you’ll need to consider. Other factors to consider when selling your business include when is the best time to sell and whether you should make use of a broker or other professional to maximise selling opportunities. It’s important to consider the options and implications before you decide to sell.
Whatever your reasons for selling, ensure you’re making the right decision by asking yourself the following:
- Am I really ready to sell, or do I just need a break?
- Have I considered other options, such as bringing in outside management?
- Why am I selling?
- Will my family and friends support my decision to sell?
- Is the timing right?
- Could the market and sale price be better if I waited?
- Will the sale benefit me financially?
- Will I be restricted from trading in my profession once the business is sold?
If you’re selling your business as a going concern, you will need to be able to show potential buyers that they can walk in to your business and take the reins without any major problems. Buyers will need to know that you have the bank account, stock; goodwill and web presence (if applicable) required to make a profit from day one. If you can show basic accounting information, such as sales figures for the last 6 to 12 months, this will make your business for sale a much more attractive proposition.
If you are looking professional advice to sell your business, talk with us for making the process go smoothly.