Steps to take when preparing to sell a business

Steps to take when preparing to sell a business

So you've decided to sell your business. Just as there are many considerations when launching a business, there are several important steps you should take when the time comes to part with one. In this article, we'll run through a few essential steps to help you get started.

Start early

Obviously, there's a lot to consider. So if you plan to sell your business, you want to make sure you have plenty of time to prepare for something so important. Try to give yourself at least a year.

Bring in the necessary support

What are the tax implications of selling your business? What about legal considerations? During this period, you'll need to build a team that includes professionals who will handle different aspects of the selling process. This team should include an accountant, a lawyer and a business broker.

Know your business's worth

If you're going to sell your business, you want to do so for a good price. Receiving an offer that leaves you satisfied means knowing your business's value. What is its overall financial health? What are its assets and liabilities? With this crucial information, you'll have a better sense of what others might be willing to pay.

Make necessary adjustments

What state is your business in? If it's poorly organised and fails to deliver on its promises, nobody will want to buy it. So it's important to make it into as well-oiled a machine as possible. Streamline business operations, update technology, enhance staff training — whatever you feel is needed to make your business as appealing as possible to prospective buyers.

Decide on the best way to sell

There are many ways to sell a business. Will you do so in the open, publicly listing your business with a broker? Or will you try to sell more discreetly? Maybe even contacting competitors about this opportunity?

Turn to WMC Accounting

Of course, these are just a few considerations. As you've no doubt gathered, selling your business is no easy task. Fortunately, the experienced professionals at WMC Accounting are ready to help. We can help with arriving at a realistic sales price, negotiating with potential buyers, drafting the contract and more. If you're ready to start the selling process, reach out to us today.

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