10 Do’s & Don’ts In Getting Ready To Sell
Don’t even get started until you are fully committed.
Do have all of your business documentation ready. Everything starts with it.
Do engage a qualified Business Appraiser to help you determine a Fair Market Price
Don’t underestimate the value of your business. Owners of privately held businesses usually minimize profits to lower taxes. The financial statements may not reflect the real value of the business. A business Appraisal will insure you that you are not “leaving money on the table”.
Don’t disregard the Business Appraiser’s Estimate and overprice your business. The right buyer who is willing to pay the right price may not even want to consider your business because your price is way out of line.
Do offer as favorable terms as you can. Buyers, even good ones, want to leverage the sale as much as possible.
Don’t wait too long to sell. The best time to sell is when business is good.
Don’t wait until poor health or a downturn occurs – sell from strength!
Do allow at least six to twelve months to sell your business. The larger the business, the more time you should allow.
Do use a Certified Business Intermediary. They can take the mystery out of determining the selling price, prepare a marketing plan of action to maximize the selling price, handle all of the details, and leave you to do what you do best — continue to run your business.
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