Selling your business

It’s time to hang your gloves, kick back and relax. When you are a business owner and the time comes to retire, how should you top about selling your business if you don’t have someone to hand over the business to, or simply don’t want to simply close the doors? Here are a couple of steps to make sure you sell your small business safely and smartly. 

Selling requires careful planning and taking steps to make sure you get the best price for your business. Here are. Couple of steps you can take to make sure you get the best value for your business

• Start by determining the value of your company. A third-party valuation can be a valuable starting point. Usually this will include everything from sales to receivables, inventories and other assets, debts or liens, and identifying opportunities and challenges that will help define the value of your business.

• Clean up your business finances - Work with an accountant to make sure your business books are up to date, and to present clean financial statements. Ensure all income is accounted for and have business tax returns ready. 

• Boost your sales - Invest in marketing and promotions. Buyers want to see a business thriving, so make sure you your sales are booming before trying to sell your business. 

• Find a business broker - Finding outside help can help you get more for your business. Brokers provide knowledge and expertise when going through the due diligence of the process and have the network to locate buyers. 

• Always pre-qualify your buyers - Make sure the buyer fits your company culture and is able to secure financing. 

• Get a good business lawyer to write your business contracts. There are a host of legal considerations when selling a small business and you need an expert in business law to help you navigate the process.