subject: Prepare well when you put up a business for sale [print this page] You can achieve your retirement goals or shift to another profession with ease with your business for sale. Preparing for a business for sale is a complicated process and you need to ensure that you get it right if you want to close a successful deal. Preparing well will also ensure that you find the right person looking for a business to buy and get the best possible price for it. The following are some steps to take before putting up your business for sale.
Business Broker
The first step in preparing for a business for sale is finding an experienced business broker. An expert professional will not only help you get the hang of the business selling process easily, he/she will also help in the negotiations. By hiring a business broker for your business for sale, you can get the best price as well as the right buyer. The business broker may also know other professionals like a lawyer and an accountant, who can help a lot in selling a business.
Financial Documentation
You should have all your financial papers ready well in advance for your business for sale. You need to be able to move quickly if a buyer shows serious interest in buying your business. When a buyer is looking at a business to buy, he/she examines all financials related to your business for sale in detail with the help of experts. There is a lot of paperwork associated with the financials which you need to get together before you put up your business for sale. You will require documents like P&L statements, income tax returns, bank statements, asset listings, employment tax filings revenue reports and much more to a buyer looking for a business to buy. You can also take the help of your business broker in preparation of your financial documents.
Client Information
How well you know your clients is also one question you need to answer while putting up your business for sale. The person looking for a business to buy will ask detailed questions related to your clients. Ensure that you have enough information about your clients that you can answer the buyer's questions comfortably. You need to know details like top clients, percentages of sales associated with them, how much revenue is brought in with those clients etc.
You will have to put in a lot of time and effort in the preparation of your business for sale. Start your prep well in advance, so that you can sell your business quickly and get the right price for it.
Summary:
You can achieve your retirement goals or shift to another profession with ease with your business for sale. Preparing for a business for sale is a complicated process and you need to ensure that you get it right if you want to close a successful deal. Preparing well will also ensure that you find the right person looking for a business to buy and get the best possible price for it.
Prepare well when you put up a business for sale
By: Mark SunbeltNE
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