Starting your own business is no small task. You likely spent weeks, months, even years establishing your business and making it what you wanted. Over the years, you’ve managed to make good choices and build a business that reflects your goals and has become a successful marker in your community. You’ve made it through highs and lows–an entire global pandemic even–but now, you’ve made the decision to sell your business. How exciting!
What you need now is an exit strategy, or a plan for selling your business. There are many things to consider when you’re getting ready to sell your business, so you want to be sure you move through the process carefully and with your main goals in mind. The process can be overwhelming, at times, but these are 5 key steps to consider when getting started.
Time the sale for max benefit to you!
When is the best time to put your business on the market? This usually depends on the kind of business you own, how successful the business is, and how long your business has been established.
Get all of your finances ready and in order!
A potential buyer will want to know anything and everything about your business’s finances. They’ll want to know where the money goes, what sources of revenue it has, your biggest expenses, and how your business has done over time.
Create or develop your business’s standard operating procedures!
Potential buyers are most often interested in business they can get up and running in the near future. Taking note and keeping track of your business’s standard operating procedures gives buyers an easy guide for getting started and for making the business run well.
Revise or prep your business’s website so it’s easily accessible!
Buyers want to know that your business is technologically savvy. The first way you demonstrate this is through an effectively designed website. Prior to putting your business on the market, take the time to conduct a thorough investigation of the functionality of your website. This means checking links, images, and pages to ensure they’re working properly.
Start to remove yourself from the business so that others have a clear path to take over your business!
As the business owner, you’ll generally have important roles within the structure of the business, or you may even be part of the face of the business. So, as you look to put your business on the market, you’ll need to consider how to remove yourself from those roles as well. This will make the transition from one owner to another much smoother. You’ll need to provide potential buyers with details of your role and anything you’re responsible for along with any necessary documents. It’s also important to tell potential buyers about any already established relationships that need to be maintained.
If you’re ready to get started with selling your business, our agents at Liberty Group of Nevada are ready to help! Contact us today! https://www.thelibertygroupofnevada.com/sellers/build-value/