Steps to Successfully Selling Your Business
Selling your business is an emotional time as it is both stressful and exciting. Working with a Business Broker will allow for a smooth sale and transition into your next role. As your professional partner, your Business Broker will review the following important steps to get your business market ready.
Important steps to review:
- Have financial statements up-to-date and in order
- Current key customer and employee contracts
- Lease contracts secured
- Identify, reduce or eliminate debt
- Identify potential threats or competitors
- Determine the value of your business
Ensure financial statements are up-to-date (3-5 years) so potential Buyers can review your financial history. Accelerate the sale by having these documents prepared in advance.
Ensure key clients and employees are secure. The Buyer will have a lot to learn in the first few months, therefore, having key employees and business associates secured with a binding contract will provide comfort. The location of your business is also crucial. Having the lease up-to-date and secured will also provide comfort for the Buyer.
Understand threats or competitors in the market. Knowing who your competitors are, and understanding their strategies, will allow the Seller to be prepared for any concerns the Buyer may raise in this regard.
After reviewing the above and with the help of a Business Broker, you will understand the true value of your business and confidently go to market with a competitive price determined by a proven formula.
A R Business Brokers is a team of professional Business Brokers who are ready to help you manage your business. Satisfied clients are our greatest achievement. We are located in Mississauga and we specialize in helping business owners buy and sell privately owned businesses in Ontario. If you are looking to sell your business, we would love to help you through the process. Contact us today for a free no obligate meeting to get the conversation started.