Many Business owners have wondered the idea of selling their business but not that many of them plan for it.
Here are a few steps you can take to sell at a higher price:
1- Determine the value of your company.
Based on recasting three years of financial statements, market comparables, and the precise opinion of a business valuator. This is essential to enter the market at the right price.
2- Prepare your exit strategy in advance.
Don’t wait until you have to sell due to exhaustion, illness, partnership breakage, etc, plan ahead, you want to sell at the highest level.
3- Boost your sales.
Remember when you opened your business? that exact enthusiasm is needed to boost your sales and increase net profits. The cash flow result will increase the sale price of your business.
4- Find a qualified business intermediate.
Imagine, selling your own house is difficult, well, selling your business may be tremendously difficult. You have emotionally attached to your business. Find a qualified broker and let him/her sell your business.
5- All prospective buyers must be prequalified.
You will be sharing all the confidential information, open your safe box to those prospects, they will learn in and outs of your business. Make sure the prospect is seriously interested in engaging in a purchase.
6- Get all purchasing documents in place.
Consult an attorney who specializes in mercantile transactions, secure the documents according to your state laws and proceed with proper counsel.
Cesar Cepeda is a Franchise / Business Broker specialized in assisting foreign investors to soft landing into US Businesses and real estate investments. he can be located at www.cesarcepeda.com or cesar@franmartusa.com