You’ve done all you can to grow your business, and now, it is time to sell it and make a profit.
Before you do anything, keep in mind that selling a business is a major decision and requires careful planning. It is important to understand your responsibilities when selling your business. Furthermore, you need to figure out how this move will impact your operations and employees.
Here are some things to consider when thinking about selling your business.
Is Selling the Best Option
When making any decision regarding the future of your business, take time to evaluate the situation. Do you really want to sell or do you simply need a break from managing it? Have you considered other options?
Some entrepreneurs experience seller’s remorse after selling their business. Often, this is because they have been too quick in deciding to put their business to market. You could avoid seller’s remorse by weighing the pros and cons of letting go of your business. Additionally, it might be best to consult experts to learn about market conditions.
How to Value Your Business
Once you’ve decided to sell, the next step is to work out how much it is worth. There are three ways to do this.
- You could use your Return of Investment (ROI) to determine your selling price
- Do a comparative market analysis to find out how much businesses like yours are sold on the market
- Compute your business’s net worth by comparing the difference between your liabilities and assets
What Are You Selling
Are you selling the entire business with all its assets? If not, which assets are you keeping? In addition, will you be selling your intellectual property and the registered name of your business?
You need to take all these into account when preparing to sell.
How to Find Buyers
You could reach out to potential buyers through your existing network. Let your friends, family, customers, and industry acquaintances know your business is up for sale. Working with business brokers could also help you expand your search for potential purchasers.
If you have the resources, you could also consider having digital and traditional media advertisements.
Are you ready to take the next step and prepare to sell your business? Kidmans Partners is here to assist you. We can help you determine a realistic sale price, negotiate with potential buyers, and draft a contract.
Please fill out our contact form or call us at +61 3 9836 2900 for more information on our services.