Are you selling just your business or the property as well? What is the market value for your business and will you have to sell at a loss or do you stand to make a bit of a profit?
Here are a few things that you need to consider when you are getting ready to put your business on the block.
Make Necessary Repairs
If you have been putting off major or minor repairs like leaky faucets, plumbing or other issues you will want to ensure that you make the necessary repairs before putting your business up for sale. You may run into problems unloading your physical property if there are glaring building maintenance issues. These issues can cause delays in the sale process that could cause you to lose potential buyers.
If your business is in Boca Raton, you can find a plumber Boca Raton to take care of the issues so you don’t have any problems when it’s time for your building inspection.
Get a Business Valuation
Once you have the physical property associated with your business in order you will want to get an outside valuation of your business entity. There are many firms in the area that can provide this for you. Do some research to find a company in your area that can give you an unbiased, authentic picture of what your business is worth. This is a step that many business owners sometimes bypass to save money.
An outside business valuation can assist you in pricing your business according to the price that a buyer would be willing to pay. Without a proper business valuation, there may be too wide of a gap between the sale price of the business and what a potential buyer is willing to spend.
Know Your Numbers & Make a Good First Impression
When meeting with potential buyers you will want to ensure that you are putting your best foot forward and presenting your business in the best way possible. No potential buyer wants to see an unprepared business owner trying to make a hasty deal. Be prepared to answer any questions your potential buyers may have. You don’t have to divulge every single detail to every potential buyer but you need to have a well thought out presentation strategy if you are looking to make a good first impression.
Succession Planning
This is something that you need to have in place for a few different reasons. If you are the sole gatekeeper of pertinent information that will need to be passed on to the new owners of your business, a succession plan is something to consider. You can draw up a succession plan that gives the new business owners a blueprint of your business processes and who they should be relying on for assistance once the sale is completed.
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