How to Sell Your Business – The Complete Guide
When it comes to selling a business, owners must consider a number of important factors. From the initial motivations for selling to the most effective method of closing the sale, learning the ins-and-outs when considering how to sell a business can be challenging. However, there is no need to be daunted by the task ahead, as a few helpful hints can go a long way. Learn how to sell your business by reading the information below or simply scroll to the bottom of the page and follow the links to more detailed guides on specific aspects of the sales process.
How to Sell a Business – First Steps
Preparing well in advance should always be your first goal. Ideally, you should take the first steps at least two years before you plan to complete the sale of any business. However, there are many motivations to consider when drawing up a plan of how to sell your business, and factors such as illness, bankruptcy, and corporate competition sometimes make it difficult to approach your sale with such forward planning.
What this may mean in real-world terms is the difference between a quick sale and a best-price sale.
How to Sell Your Business – Next Steps
Once you’ve made the final decision and you are clear in your motivation, the next steps will help you get organised and maximise your profit through accurate valuation, effective advertising and great communication. At this point, if you have already been planning how to sell your business for a while, then the Daltons Business marketplace is a quick and simple way to help you maximise profit through effective marketing.
How to Sell a Small Business – Final Steps
As soon as a prospective buyer comes into the fold, you will find that good communication is key. Be as open as possible with your buyer regarding the details of your business but also be aware that potential buyers may come and go, so it is generally a good idea to have multiple interested parties lined up in case a sale falls through. However, if you believe you have found your buyer, then it’s time to bring the sale of your business home.
How to sell a business – Last Word
You may have spent many years building your business, however, when it comes to selling, you might need a little guidance. Thankfully, our comprehensive guide detailing how to sell your business will ensure you are prepared for whatever comes your way. Study each chapter in detail and look again over this handy checklist to make sure you are heading in the right direction.
How do I sell my business?
1. Make the decision to sell
– Ask yourself why you want to sell and if this is the right time for you. The motivations for selling your business dictate many of the following steps.
2. Prepare to sell your business
– Is your paperwork in order? Are you able to produce your documents on demand? Ensure you are fully prepared and ready to show prospective buyers what they need to see.
3. Determine the Value of your Business
– Determining your price depends very much on your motivations for selling. Do you want to sell quickly or for maximum profit? Both of these considerations will have an impact on your initial pricing.
4. Advertise your business for Sale
– Getting your business on the market is one thing, attracting legitimate buyers is another. Ensure you have the best chance of being seen with Daltons Business.
5. Negotiate the Sale price of your Business
– The art of negotiating is a key skill when trying to get the best price for your business. Equally, due diligence will protect both you and your buyer in the future.
6. Close the sale
– Scheduling the sale closing date should be your final step. Ensure you’ve ironed out the finer details with the buyer before this.