Ready To Sell My Business

Is My Business Ready to Sell?

It is only common sense to expect that anyone hoping to sell a used car would be sure to see that it was looking its best. Valeting and a minor service could ensure a quick sale and a good price. Because selling a company is a markedly more complex procedure, ensuring that everything is in order before approaching buyers is even more necessary. If you are a company owner and contemplating retirement or trying something new, you must find the right buyer. However, before you start looking, ask yourself one question: “Is my business ready to sell?”

The question might appear simple, but the answer seldom is. Firstly, selling up is a decision you should not make on impulse. Your best chance of negotiating a favourable deal is to begin planning well before your desired completion date. When doing so, be aware that up to twelve months or more of your lead time could be necessary to find and negotiate with potential buyers. Furthermore, you would be wise to retain some professional help with the preparation and marketing to be certain your business is ready to sell

You will need to pay attention to those features that will make it attractive to a qualified purchaser or investor. On closer inspection, you might even find that a part sale could offer you a more favourable exit strategy than an outright sale. In practice, selling to an overseas operation could be the way to experience that “something new” you were considering. Alternatively, the terms of an overseas acquisition could include a managerial position in a new country. Either way, such favourable outcomes will be most unlikely until you have made sure your business is ready to sell.

Although you might have a reasonably large customer base and show a profit, you shouldn’t assume that’s enough to secure a sale. Nobody who buys a ready-made business wants to spend time fixing things they’ve noticed, but you have overlooked. For example, a well-trained team can be a strong selling point. Does any of your employees need further training? It’s also a good idea to settle any outstanding liabilities and debt and chase up your debtors. Pricing your business can be tricky. While there are formulae to help you, the buyer will ultimately decide its value. Ensuring your business is ready to sell can only help to boost a buyer’s perception of its worth.  

During this preparative phase, employing an accountant to prepare your balance sheets and assist with other aspects of the due diligence procedure will benefit you. Advertising in the press is unlikely to arouse much interest. You will also need to hire someone with the knowledge and contacts to market your business professionally. When you find the right buyer and your business is ready to sell, you will need an attorney to draw up the sales contract.

Yes, the process is complex and requires specialised knowledge and skills most business owners lack. Fortunately, there is a far easier solution. Discuss your needs with a mergers and acquisition expert who will conduct the entire procedure on your behalf. Deal Leaders International is an M&A advisor that prioritises sellers’ interests. They will ensure your business is ready to sell and negotiate a deal that will fully satisfy all your stated needs. 

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