Are you planning of selling your business? You need to ensure that everything is in place for you to sell the business at the right price. To help you out here are some of the questions that you should ask yourself as a business seller:
There are many things that a buyer will look for when buying your business. Some of these things include: product lines, management structure, compatibility of operations, and customer and market base.
The buyer will also feedback your financial condition which includes: tax returns, payroll records, financial statements and depreciation schedules. If there are any employees in the business the buyer will like to know about their employment contracts.
It's easy to determine the value of your business as all you need to do is to hire a certified valuation company to do the valuation for you. The company will consider a number of factors in order to come up with the value of your business. Some of these factors include: assets, cash flow, market share, customer base, and financial history.
You should never sell your business when you are desperate. For example, you shouldn't sell your business when you have a pressing loan that you need to settle. This will not only give you stress, it will also result to you selling the business at a very low price.
When pitching your business to potential buyers you should clearly show that the business has the ability of running in your absence. Remember that no buyer is willing to buy a business that requires full time attention. Also, no buyer will buy a business that will stop working once you leave.