Selling a business is crucial and requires a fair amount of work before you list it for sale. Your number one priority before selling a business is to make a proper strategy. It is very difficult to keep everything on your mind so make a list on your computer or notebook of all the things that is needed to be done. Nothing clears things up more than preparing detailed documents on assets, income, expense, staff members, lawsuits (if any), liabilities etc. Keep them organized so that you do not have to waste any time answering when a potential buyer asks for something.
The following issue that you need to focus on is whether you want to sell your business by yourself or should you ask for the service of a professional business broker. Even a few years ago, hiring a business broker was the only option to sell a business. But now with the development of the internet and the ever-growing number of internet users many businessmen are opting to sell their businesses on their own. Both have their own pros and cons like a business broker will lessen your work by half and if you do it on your own then you save a lot of money you would have spent on the broker's commission. If you are a busy person then probably you should contact the broker as he will take a load off your shoulder and if you are in dire need of every penny you can get from the business for sale then you should do it yourself.
One of the hardest tasks while selling a business is setting up an accurate price tag. Most of the time businessmen put an unrealistic asking price for their businesses for sale and scare away a lot of promising buyers. It is not uncommon as well to underestimate how much the business is worth and ask for a very low price and end up regretting later. This is why you should consult with an accountant, have him check your income statement and balance sheets of the last few fiscal years and get an approximate value of your business. If you get it evaluated by a professional financial institution then potential buyers will have confidence on the price tag you stick to it.
It is important that you promise your buyer to stick around for 2-4 weeks after you complete the transaction. Tell them that you will help them understand the business entirely so that they do not face any obstacles right after acquiring the establishment. Let them in on your business secrets for a smooth operation. Let them know that you will not take away the expert employees. This will build a sense of trust between you and the buyer and he will be more agreeable towards your asking price.
Businesses for sale will have an emotional impact on you as well. There might be moments where you feel hesitated to sell your business because of the emotional tie you have with it. In those moments of vulnerability you have to keep reminding yourself why you wanted to sell it. Do not be hasty about the process. The commonly used "Slow and steady wins the race" actually goes perfectly for businesses for sale. Be patient.
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