The business buying market is quite small, so to sell your business you need to make it as attractive as possible, so it has the maximum appeal for potential buyers.
How to sell a business
Planning ahead is essential. In fact, it has been said you should keep one eye on your exit strategy as soon as you first set up a business. Few people are that organised, but try to give yourself as long a lead-in time as possible – it is always better later than never.
When preparing your business for sale, you’ll want to look at:
- Working to a timeframe, and ticking off your ‘to do’ checklist
- Financing – if you use invoice financing, try to clear this down, so your potential buyers have access to this option, should they wish to use it
- HR – make sure your personnel files are all up-to-date, and that all contracts are in place for employees
- Intellectual property – is your IP protected, and do you have trademarks in place? If not, then take action
- Website domain names – are these registered? Again, if not, then take action
When your potential buyers check out your business, they’ll want to see you have strong processes in place so when they take over, all runs smoothly and there are no hiccoughs.
For help with how to sell a business, please talk to the Hartsfield team.
BUSINESS SUCCESSION PLANNING GUIDE
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