5 Tips to Prepare Your Business To Sell
If your End of Financial Year resolution is to sell your business, then you better get hopping fast. Maximising your price and ensuring all your I’s are dotted and T’s are crossed is paramount to ensure you don’t end up in any legal hot water and are able to attract the right buyer and get to settlement faster.
So here are some tips to help you prep your business for sale!
1. Take Stock of EVERYTHING
Make sure you are preparing your documents, sale items and everything in between as far ahead as you can. A lot of the sales process ends up taking a lot longer than you may thing, so being prepared in advance is the best way to ensure the process is smooth and stress free. Make sure you know your assets, IP and all the bits and bobs that will be needed in the transaction to minimise anxiety come the sale and set it out in a written register.
2. Decide How To Sell
There are a multitude of ways to sell your business, and only you can make the decision as to what one works for you and your business. Seek professional advice from your business expert lawyers and accountants as early as you can to make an informed choice of what will give you the maximum outcome for what you want to achieve.
3. Get Involved In A Community
Finding a community or group where you feel safe to ask questions and get advice is a great way to help you see things from an outsider’s perspective. Facebook is a fantastic place to start, and communities such as our recently made group, Business Maximisers Club, are there to help you maximise your business for sale! They are full of like-minded individuals with a common goal, and can really help you ensure that you are covering all your bases.
4. Conduct A Valuation
This may seem like arbitrary advice, but it is often overlooked. Don’t just estimate what you think your business may be worth – get it professionally valued then go through this with your advisors.
Much like a house sale, you wouldn’t just have a guess at what its worth if it’s not your profession to do so, so make sure you’re getting the most out of the sale with a valuation, and then you may find that working with your business expert lawyers and accountants they can even find ways to increase the valuation.
5. Seek Professional Advice
Although it might seem tempting to do it all yourself in this age of DIYs, make sure your legal and business advice is coming from a trusted professional. Too many people end up in the wrong legally, a contract they didn’t understand and want, or extra nasty costs or long term implications, simply because they did not seek the correct advice from someone who is experienced and can be trusted from the beginning.
So, there you have it! Top tips on how to prepare your business and maximise it to sell. Head over to our social media and let us know what your favourite tip from this list was!
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