How To Sell A Business For All Its Worth
1. Have a valid reason to sell.
Prospective buyers will want to know why you're selling. Their fear is that something is wrong with the business. Having a valid human reason for selling is your best first step. You will get better buyer response if there isn't any reason to doubt the viability of the business.
If you're just tired and burned out, say so. The most common reasons for selling are burnout, retirement, poor health, death, divorce, mulberry outlet online partnership disputes, relocation, and pursuit of other interests.
2. Don't wait until pressured to decide to sell.
Deciding to sell your business will be one of most difficult decisions you 'll ever have to make. Many people wait too long to decide to sell and find themselves pressured by poor health, financial problems, or emotional stress. Avoid, if at all possible, selling under duress.
It will be like giving up one your children, but make the decision before circumstances force you to make mulberry outlet store it. Businesses generally take from 120 to 180 days to sell. When one sells a home or a parcel of real estate, they want everybody to know it's for sale. There is no stigma attached to selling a home. Everybody does it.
But it's different with a business. The rumor mill starts grinding when word gets out that a business is for sale.
Customers are afraid they won't be served. Employees are anxious about their jobs. Suppliers fear they won't get paid. Competitors tell everybody that you're going out mulberry satchel of business. Sales slip; profits shrink.
Buyers perceive your business is in trouble, and that drives down its value. Talk to prospective buyers only, and require them to sign a confidentiality agreement before they know the name and location of your business.
4. Gather information needed to market your business.
Your business must be marketed and sold just the same as any other product or service. Put together a marketing package that shows your business in its best light.
Assemble mulberry bag outlet complete financial statements, income and sales tax returns, a list of fixtures and equipment, copies of deeds and leases, copies of any franchise agreements, copies of equipment leases and maintenance agreements, the approximate value of inventory at your cost, and the names of your outside advisors.
In addition, you'll need a list of all loans showing the lender, the balance due, the interest rate, and the payment schedule.
5. Engage competent professionals.
Unless you're an experienced negotiator, louboutin outlet it's recommended you engage professionals who are knowledgeable in the sale of businesses. Find a business broker with experience in marketing and selling your type of business.
6. Be part of the marketing team.
The broker may ask you to meet with the sales staff and tell them about your business. If the broker doesn't ask, volunteer to make a presentation to the brokers and to answer all their questions. You know your business better than anybody knows it.
Follow your broker's advice christian louboutin discount about dealing with prospective buyers. Some of the suggestions may seem odd to you, but there is a reason you want to maintain confidentiality, and you want to get some offers to buy. An experienced broker will help you do both.
7. Don't let things slip.
Don't let things slip because you're selling. Keep normal business hours. Keep inventory constant. Advertise and promote the business to keep sales strong. Paint up and fix up. Make the business look as prosperous as it ever has.
8. Put roger vivier yourself in the buyer's shoes.
Suppose you're visiting your business for the very first time. How impressed are you? How does the place look? Are your people friendly and helpful? Do the customers you speak to have good things to say about the business, its employees, its products, and its service?
9. Consider all offers carefully and make counter offers.
Don't panic if the first offer you receive seems too low. Be patient. Keep the ball rolling once an offer is made. Study it carefully. Make roger vivier pumps a counter offer. Even if you decide to market and sell your business yourself, it sometimes can be profitable to hire an experienced broker or attorney to negotiate the terms. Don't allow your emotions to stifle your objectivity.
10. Create a win win situation for everybody involved.
There are no strict rules about selling a business. It will be worth to you what you can get somebody to pay you for it. As in all areas of life, there must be something of value for everybody in the transaction.