The Process For Getting Your Business Sold

Whether selling a pack of gum or selling a company, any business transaction runs better with a clear, defined process. In

the case of selling a business, it’s a bit more complicated, but by knowing the process, and taking each step carefully, it can be an easy experience.

Here is what you need to know about the process of selling your business:

* Streamline operations. Take a look at how the business is

being run and streamline everything that is cumbersome in the process. Review vendor contracts, update policies, and make sure everything is efficiently run.

* Tighten up finances. Get your books in order. This could technically be part of the streamlining, but it’s worth its own mention. Any taxes, payments, bookkeeping, outstanding invoices – take care of them and make sure the company is on solid financial ground.

* Know your needs. Now that the company is in the best shape possible, take time to know what your needs for the sale are. What amount do you need to get out of the sale after taxes, fees, etc.? What is your preferred exit strategy?

* Business valuation. Work with a qualified broker to research how much your business is worth and what needs to be done in order to increase its value if needed.

* Find the buyer. Develop a comprehensive marketing strategy for your business so that it stands out from the competition. With many baby boomers retiring and selling businesses, a company for sale really needs to shine.

The key to selling a business for top dollar is to make it turn-key for the new owners. With a clearly defined steps for the process of selling a business, your company can be ready to sell in no time. Contact Sunbelt Business Brokers of Durham for a business valuation and guidance to sell your business.