What To Do When It’s Time To Sell Your Business

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What To Do When It's Time To Sell Your Business-Chispa MagazineOnce your business becomes successful, you might start to think about selling. You have built it from the ground up, and now it’s making serious levels of profit. Now, it’s time to start thinking about letting it go. Perhaps, you signed on for the challenge of creating something brand new. Now that challenge is gone. Or, maybe you are just tired of the amount of time it takes to run a business. You might even be looking to retire. Either way, you have to be prepared for the next step.

The first thing you need to do is make sure that your business is ready to sell. There are a number of different things that you can do to ensure a sale goes smoothly. Getting your business ready for sale will also attract more buyers.

Step 1: Maintain Your Customer Base
When your business goes on the market, you must be able to show that it still has all your customers. You need to keep your customers loyal, even after you leave. This isn’t usually hard to do. But before the sale, you should interact with your customers. Ask them if they would like to see any changes to your company. You can then present these findings to a future buyer. You should not, however, suggest to your customers that the company they trust will soon be sold.

Step 2: Keep Your Finances In Order
Before you sell, it’s important that your business finances are in order. You need to make sure that all your taxes have been paid and are up to date. If you don’t have one, it is suggested you hire an accountant to sort out your business finances. You need to lay out a financial plan for the future of your company. Again you can present this to a potential buyer. If you can show your business has a profitable future it’s going to sell for a far higher price.

Step 3: Lay Out The Plan
Just before you put your business on the market, you should look for where it could have gone next, under your leadership. If you had any plans, you should formulate these and be able to present them to a potential buyer. They may not take your advice, but you should at least give them the option. Suggest any plans for future expansion or any additional services that you might have offered.

Step 4: Contact A Broker
Working with a business broker is the easiest way to sell your business fast and effortlessly. With the measures that we’ve already talked about, you should have no issues selling. When looking for a broker, be sure to do an extensive search. You need to find the company that has your best interests in mind.

Step 5: Making A Match
Once a broker finds a match, you will be able to sell your business. You may wish or be asked to stay on as an adviser for the new business owner. This is often a wise move. It allows the change in the company to be gradual rather than abrupt. After that, you can do whatever you like with the profit you have made and the business off your hands.

Photo by RayBay

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Milo Senalle

Milo Senalle

Managing Editor at Chispa Magazine
As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.

Milo Senalle

As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.