Are you looking ahead to 2020 and hoping that your business will be effectively sold by that time? If so, you need to be prepared to take quick action steps including potentially even hiring knowledgeable business and website brokers who can help you navigate this process.
The support of experienced website brokers can make a big difference in the outcome of your situation, enabling you to sell your business more effectively and quickly before the clock turns into the New Year. If you’re ready to start the next chapter of your life by the beginning of 2020, you don’t have to despair. But you certainly shouldn’t take on the process of attempting to sell your business all on your own. It will definitely take some work to get your business prepared for what to anticipate.
A simple plan of action that is devised and reviewed by an experienced website broker can help you figure out what is most appropriate for you. In general, there are six primary steps you need to consider in deciding how to set up your business to be sold by 2020. These can help you get your business in the right shape, attract an appealing buyer and to get the very best price, all without enabling the sales process to go on too long and not enabling you to get enough money.
Get Your Exit Strategy First
First of all, consider why you want to sell, whether or not you can afford to lose the income or live on the proceeds of the sale, and what you intend to do with your time after you transfer the business over. You’ll need to have exit strategies in place and transfer strategies already developed in order to show a potential buyer that the business is not reliant on your success and role alone. You want to make sure that you do not accidentally step in the way of holding up the business sale. The next step in selling your business quickly is to get your books in order. You should notify your accountant as well as your attorney about your plans to sell, and bring them into this process. This can require a complete overhaul of any of your record-keeping processes, and verifying that your paperwork is fully up to date. A business valuation is one of the most important steps of this process, but it can also be one of the most easily neglected.
You’ll need to be prepared with a proper business valuation before you enter the due diligence phase. In the due diligence phase, a buyer will ask many different questions and request to see the financial details that you have led them to believe up until this point. This is a crucial part of the transaction and unfortunately, where many transactions do break down. If you’ve already completed the necessary steps for pulling together a business valuation with the help from a team like Website Closers, you already have this documentation organized to be able to support the due diligence phase.
Professional advisors can help you navigate any challenges that emerge during the due diligence part of the process. Asking your website broker upfront some of the questions that a buyer is most likely to ask about your company and how best to handle these can assist you with identifying any red flags ahead of time and attempting to resolve them.
Once your business is listed for sale, it will need to be marketed. Partnering with a broker like those at Website Closers can help you understand the important role that is played by outside party with an existing network of qualified and experienced brokers. Knowing what you have to look forward to can assist you with listing your company of sale sooner rather than later.