Selling your business or company is a very important decision. Following these six simple steps outlined by Business Broker Dee Hunter, of Expert Business Brokers, can help you sell your business for more than you imagined.
1) Know what your business is worth. Don’t even think about selling until you know what your business should sell for. Hire an Expert Business Broker to help you get a realistic valuation?
2) Start Early. Selling your business for maximum value can take anywhere from six months to a year. There is an often-quoted statement in the business world: “The time to prepare your business to sell is the day you buy it or start it.” Easy to say, but very seldom adhered to. Now really is the time to think about the day you will sell and to prepare for that day.
3) Sell when business is good. The old quote: “The time to sell your business is when it is doing well” should also be adhered to. It very seldom is – most sellers wait until things are not going well.
4) Know the tax implications. Ask your accountant about the tax impact of selling your business. Do this on an annual basis just in case. However, the tax impact is only one area to consider and a sale should not be predicated on this issue alone. Your Expert Business Broker can work with you and your accountant to help limit your tax implications.
5) Keep the business running. Continuing to manage the business is a full-time job. Retaining the best outside professionals is almost a must. Utilizing a professional business intermediary will allow you to spend most of your time running your business.
6) Finally, keep it quiet. Selling a business is not like selling a house. You don’t always want to mass market your company. Letting your employees and customers know that you are interested in selling your company can seriously hurt your value.
Contact Expert Business Brokers at www.BusinessBroker.Expert