We all know about business owners that have built up their business and then sold it on and made a lot of money. This might be something that you would like to do with your business. If you feel that you have value in your business and that you will be able to raise a significant amount of money form it, then it could be worth a try. However, it can seem a daunting task knowing what to do and where to start. Some of the tips below may help you.

Make sure the business is ready

It is really important to make sure that everything in the business is ready for the sale. For example you will want to make sure that the books are all up to date, the website is up to date as well and that you are prepared to answer any questions that you are asked about the business. If you have staff then you will need to prepare them as well and it may be necessary to prepare customers as well, depending on how your business works. Think about what the potential buyers may need to know and prepare for that, perhaps putting together procedures or information that they will find useful.

Consider using a company

There are companies that you can use such as BSMS who will deal with everything for you. They will be able to advise the shareholders on how to sell the business. You will want to make sure that the company that you use is experienced and will be able to work well with a business like yours. Think about the niche that the business is in and whether there are specialists selling businesses in this area or if a general company would work okay for you and your business needs.  It is wise to find out about the business by looking at their website in detail and then also seeing whether you can find out more about them elsewhere as well. You may not find reviews specifically of companies like this, but you may be able to find information online about using companies for this purpose and what to look out for in good and bad companies. If you know anyone that has sold a business then it is worth asking them if they have used a company and if so, what their experience of using one was like.

Be positive but realistic

It is really important to stay in a positive frame of mind with regards to selling the business. It may take longer than you expect, be more difficult and there may be hiccups along the way. However it is important not to give up and be focused on the end goal which is to make the sale. You need to think about the company in a positive light as well because you will need to ensure that a potential buyer can pick up your enthusiastic attitude and how much you feel the company is worth. If you allow yourself to get negative then you may end up painting a poor picture of the company which may reflect in a lower sale price or no sale at all.

By Marcela