Facts and Tips When It Comes to Selling a Small Business Deciding to sell your small business is a major decision and it is important to take several things into consideration like enlisting a broker, lawyer, and an accountant as you proceed. Your profit will rely on the timing of the sale, the reason why you are selling your business, your business operation’s strength, and current structure. Selling your small business will require you investing time, effort, and money to find the right buyer for the right price you are aiming for. A potential buyer is really eager to know the reason behind the sale because this is how the success or profitability of a business can be gauged, and the common reasons for selling a business include retirement, overwork, boredom, illness, and death. While it is true that many owners sell a business because it is not profitable anymore, you can highlight the strengths of your business for it to be attractive to buyers such as having a strong customer base, increasing profits, consistent income figures, and having a major contract that spans for several years. It is a good idea preparing your business for a major sales a year or two years ahead of time for a smoother transition and to make the business more profitable through establishing customer base, improving financial records, and strengthening the structure of the business. You can ask the help of a business appraiser to obtain a valuation and a broker to find the right buyer for you. While selling your business yourself can save you money and avoid paying the commission of a broker, hiring a broker can help you spend your free time to focus on your business, keep the sale silent, and obtain the maximum price. Another important step you need to do is to prepare your financial statements, tax returns, list of suppliers, list of equipment that are included in the sale, and paperwork for the lease, and supply a copy of these document sot your potential buyers for review. A business sale can reach from six months to two years because finding the right buyer is a real challenge, so don’t limit your marketing for advertising and attract more potential buyers. Before you give any information to a potential buyer, make sure that he or she is qualified for financing, and allow a room for a buyer to negotiate but show firmness on the price that is also reasonable. It is best to have all verbal agreements written down and allow potential buyers to sign a confidentiality or nondisclosure agreement that serves as your protection. Be smart in handling your profit and create a financial plan, set your short term and long term financial goals, and course of action.On Resources: My Experience Explained

Smart Ideas: Sales Revisited

Short Course on Brokers – Getting to Square 1