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1. Cashing In:
How to
Properly Sell
a Business
When is the Right Time to Sell?
It’s not fun anymore. Burnout is a very real
issue , and an entirely legitimate reason to sell.
You’re not inclined to invest in growth. You may
have no desire to make the capital expenditures
necessary to take it to the next level.
You feel your management skills are overmatched.
Business owners sometimes realize they lack the
skill set required to go further.
Steps for Selling a Business
1Determine Reasons for the Sale
Owners commonly sell their businesses
for any of the following reasons
• Retirement
• Partnership disputes
• Illness and death
• Becoming overworked
• Boredom
6Finding a Buyer
Important Considerations when Selling a Business
How to Get the Most
Out of the Sale
4 Things to Do Before
You Sell Your Business
Get your house in order
Consider the timing
Consult with experts
Show buyers a bright
future
2Timing of the Sale
Prepare for the sale
as early as possible,
preferably a year or two
ahead of time
3Business Valuation
Determine the worth of your business
to make sure you don't price it too
high or too low. Locate a business
appraiser to get a valuation that
will bring credibility to the asking
price and can serve as a gauge
for your listing price
4Selling on Your Own vs. Using a Broker
Selling the business yourself allows you to save
money and avoid paying a broker's commission. In
other circumstances, a broker can help free up time
for you to keep the business up and running, keep
the sale quiet and get the highest price
5Preparing Documents
Gather your financial
statements and tax returns
dating back three to four
years and review them with
an accountant. Dig up any
relevant paperwork such as
your current lease. Create
copies of these documents
to distribute to financially
qualified buyers.
7 Handling the Profits
Create a plan outlining your
financial goals, and learn
about any tax consequences
associated with the sudden
wealth. Speak with a
financial professional to
determine how you want to
invest the money and focus
on long-term benefits
A business sale may take between six
months and two years according to
SCORE, a nonprofit association for
entrepreneurs and partner of the U.S.
Small Business Administration. Try not
to limit your advertising, and you'll
attract more potential buyers
Go long
Keep in mind who is your
ideal buyer, how much you
want to make from the sale
and what you need to do in
order to get that price
Be willing to change
Guiding your business
toward an exit changes
priorities
You are still the boss
Even though you are looking to sell
your business, you will have to keep
your business in tip-top shape --
efficient and competitive -- if you
want to fetch the highest price
Know your numbers
backwards and for wards
You have to be especially on
top of your financials and
your illiquid assets
Know what you are up against
Knowing the trends of your
market will give you an upper
hand as you negotiate prices
and contracts with possible
sellers
Your Business
Make Sure Potential
Buyers Are Qualified
Name and all contact
information
Previous
Employment
& Business
Ownership
Educational
Background
Funds available to
invest and sources
of financing
Minimum
monthly
income
requirement
Intended timeframe
for completing a
transaction
RESOURCES:
http://www.entrepreneur.com/article/225286
http://www.entrepreneur.com/article/225263
http://www.investopedia.com/articles/pf/08/sell-small-business.asp
http://www.nytimes.com/2010/01/07/business/smallbusiness/07guide.html?pagewanted=all&_r=0 www.businessfinancecanada.com