3 Steps to Follow if You're Ready to Sell Your Business

Business Blog

If you have had a good run with your business and you are tired of the daily grind, and you know you want to sell it, there is a list of important things that you want to do. You want to be sure that you are getting the most money possible out of your business, and that you can sell to someone that you can trust. Here are just some of the things that you will want to arrange so that you can sell with confidence to the right buyer without hassles.

Hire a Lawyer

You should hire a lawyer if you don't already have a regular business attorney. Then you will want to talk with them about what you have to do to make sure you are no longer responsible for anything related to the business, and that you won't be reliable after the sale. You can also determine who can or can't inherent your patents, your product, or other aspects of your business. The lawyer will also be helpful to go over all documents and information from appraisers and brokers.

Get the Business Appraised

A professional business appraisal company will come in to do a full inspection of your assets, books and more. Some of the things that will affect the appraisal include:

  • Owned assets
  • Property value
  • Current profits
  • Profit potential
  • Amount of staff

Once they have taken all the information and assessed the business, they will give you a report of what they think it is worth, and what you could sell it for in the current market.

Find a Broker

A business broker is someone that buys and sells businesses. They know who is looking to buy a business, what the market is for your business, and how to get the most out of the sale. You want to find a business broker to do the dirty work, finding the right buyer and getting the right price for your business.

It may take time for the broker to find the right company that can sell your business, so try to be patient so you can get the best deal with the best potential buyer. Find a reputable business sales broker that has worked with other businesses in your industry, and in the area. If you have your lawyer look over all the offers, contracts and other documents before you accept any agreement or make any type of sale, this will be the best way to feel confident with the process.


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