You took a risk and turned your idea in to a profitable business. You’ve put in the time to build it, and now you’re able to sell. It’s a major decision to make and you’ll need to prepare to ensure that you receive the best value for your hard work.
You can take steps to help the sale go as smoothly as is possible, whether you’re selling due to health issues, retirement or boredom. You can ensure that your business is sold to the appropriate buyer at the right price, by following a few best practice.
1. Be aware of market conditions that could impact the sale.
The timing of the sale of your business depends on many aspects, such as the current economic situation, industry trends, and the possibility of a rise in interest from buyers in businesses similar to you. A good broker will give you an insight into the market, and help you decide the ideal time to sell.
2. Get clear on your goals for the sale.
Being clear about your goals for the sales process will help you manage the emotional and financial stresses that accompany it. The main goal is to maximize profits, taking care of employees and making sure that the transition is smooth for the customer.
3. Develop reproducible, teachable processes that enable your team.
Making your business easier to run and more scalable could increase its value in the marketplace. This is important if you are planning to sell your business and want to ensure it will be successful after you’ve left. This can help you find the right buyer to build on the foundation you’ve started.
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