Three Tips For Selling Your Business
Selling a business is more than just listing your business for sale. Keep reading for 3 tips to selling a business that will help you obtain the highest value and make the process a positive experience for all involved.
1. Don’t Do It on Your Own
As your business grows, the value grows but the risk factor for a higher loss in value and income increases as well. A professional, experienced business intermediary is trained to help you in the valuation and positioning of your business as you start to think about selling. Conversations will revolve around establishing guidelines for gathering all of the information needed for a new buyer to make a wise decision. An intermediary will help you present your business in the best light as possible. They have the tools and software to compile your financial information and they know the questions that will be asked by a prospective buyer, since they work with buyers and investors on a regular basis.
2. Create a Business Roadmap
What would be your business plan if you decided to continue owning your business 5-10 more years? If you can create a roadmap, a potential buyer can better understand that there is a positive future for your business with potentially increased revenue. As the current owner, you know better than anyone what the obstacles might be and more importantly where the mountaintops are. Your roadmap can help the prospective buyer see the long-term vision.
3. Sell While You’re Successful
As a former successful business owner for many years, I learned many lessons by trial and error and luckily was able to grow a solid profitable company that I then sold 15 years later. Part of the success in selling my business was based on my work with a business coach (intermediary) who taught me how to position my company to be sold. The first key was selling the business when it was successful and not waiting until I was too old or had become ill.
A conversation with an experienced professional is the key to a successful sale! If you found these 3 tips to selling a business helpful and are thinking about selling, contact me for a free, no strings attached consultation.