If your circumstances have changed for one reason or another and you’re seriously considering selling your business, continue reading to discover an invaluable guide to selling your business. With BCMS is the best way to sell your business, but listed below are some valuable tips to help with the process.
How to sell a business:
1. Try to get an independent valuation of your business’ worth
It’s well worth reaching out to an independent business valuation company to request a valuation of your business. As the last thing you want to do is to accept an offer for your business which is far lower than your business is worth.
2. Decide whether you want to sell the whole of your business or just the rights to operate your business
If you plan on retiring your most logical option may be to sell your entire business, including the objects inside your business such as machinery, furniture, and decorations. However, if you want to keep some of the objects owned by your business such as machinery or furniture you can also opt to sell the rights to your business’ name. Which will allow you to keep the rest of the items associated with your business.
In some cases, individuals may also want to sell off some of their business-related items to third parties for a profit, instead of keeping them or including them in the final sale price of their business.
3. Create a manifest of all the items associated with your business
Regardless of whether you choose to sell all of the items associated with your business or not it’s a wise move to create an official manifest which lists all of the items associated with your business as well as their quantities.
4. Consider whether you’d like to list your business for sale or to start off by offering your business to selected individuals
You may want to consider offering your business to a business associate or competitor via a private sale. As you may know, an individual who is willing to pay a fair price for your business and who you know is aware of the value of your business and already operates a similar business in the same industry.
If you don’t know any individuals who may be interested in purchasing your business, you also have the option of selling your business on the open market. Just be aware that you may have to pay steep marketing fees in order to market your business to interested businessmen and women who may be looking for an opportunity to run a business which is already established and bringing in a successful profit.
As an example, you may want to pay to have an ad featured about the sale of your business in a business or entrepreneur focused magazine, which lists businesses which are currently available for purchase.
5. Hire a lawyer to ensure that you meet the legal obligations of an individual selling their business
As an example, you may have to pay out business partners or stakeholders in order to sell your business.
So if you’re looking to sell your business, it’s well worth following the simple tips listed above, in order to sell your business for a competitive amount.
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