Deciding to move on from your business can impact a lot of different people. When selling your business, you will need to consider the effects on all areas of operation from the actual transfer of ownership to the impact on day to day operations. While it is easy to get caught up in the price of a sale, you should take the time to reflect on what selling will really mean.
Before you commit to selling your business, ask yourself is this really what you want to do. Do you want to sell completely or would a smaller role in the company be an option? Whatever your reasons are for wanting to step away, you should take the time to think if selling really is the best option for you.
If you have decided that selling is the way you want to go, make sure everything is in the best possible condition for sale. Having all policies, contracts, finances and other relevant information well documented can help to transfer the business a lot smoother and quicker. This will also be appealing to potential buyers as they can look into all business dealings easily and make informed decisions.
Next, you should get a valuation of your business once all the elements are in order. Having a valuation done will help you decide on the right selling price. Getting professional advice for this process will help you get the most accurate figure for all your assets and a detailed look into the market value.
After all this, it is time to put your business on the market. Advertising will greatly help your sale and attract different types of buyers. For this reason, you should be strategic with your marketing, appealing to the buyers you want to sell to. While you have a had your business valued, negotiations will still be a big part of a sale. Prepare yourself with what elements of the sale you are willing to change and what elements are definitive, this will help to determine what negotiations are worth your time. Involving a professional business broker, settlement agent or lawyer in the sale of your business can help prevent problems and make sure the sale is valid.