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Do you want to know how to sell your business? If you are ready to sell your company, there are specific steps that you should take. You should begin taking these steps even if you are just considering selling your business.
You’ll also need to keep detailed and concrete records in order to prove how much you value your business.
You’ll also need to decide how you want to sell your company. Use a broker for business? Sell it yourself? Choose a lawyer? Start your research into these decisions right now. You can start your investigation now, even if you plan to sell in a few years.
Download the Guide for Selling Your Small Business from BizBuySell as a training resource. BizBuySell has a section called Sell a Small Business. You can also download the Guide to Buying a Small Business if you are interested in purchasing a small business.
Why sell a business?
Say you are selling a business. You care about the reasons you have for selling your company. Your reasons for selling your business may be important to the potential buyer. It is important that the reasons you give prospective buyers are not demotivating, but logical.
Future business owners will easily understand these:
- Retirement
- Partnership didn’t endure
- Sickness or Death
Some reasons to sell your business are more difficult to communicate in a positive way. Are you feeling overworked as a company owner because the business is doing well? You may have burned out because of this. When presented in a proper context, these facts may make a buyer even more willing to purchase!
When should you sell your business? When is the best moment to sell?
Why sell your company when it is profitable and performing well? The company is more appealing than a company which is losing money. You got a nice contract, right? Was it a contract that a buyer would be interested in? It could be the perfect time to sell.
Selling a Small Enterprise
When selling your business, the size of your business is an important factor. This is because buyers are typically looking for a specific size of business.
Other than that, size is not a factor when selling a small company. The steps are similar or the same.
