In this article we will discuss three points to consider when selling your business. As an owner, you have two important jobs. The first is to get your business ready to sell. The second job is to showcase your business’s greatest strengths. You must be the one to communicate why your business is worth buying.
Understand Your Buyer
Most business owners don’t fully understand what is involved in positioning their business for sale. It is important to understand your buyer because not every business is a good fit for every buyer. Finding the right buyer for your business will speed up the selling process.
Selling a business is a very time-consuming process. It is important that you maintain normal operations while you are selling your business. You do not want to weaken your finances while you are waiting to find a buyer. It may take months, a year, or even longer to find a buyer for the typical business. Stay focused on running your business. Download our Seller’s Guide to help you better understand the selling process.
Think Like A Buyer
If you were buying a business, what would you want to know? You would want a detailed picture of the business’s financial situation. You would want to know about the business and how it operates. Information like who are its key employees and how likely are those key employees to stay with the new owner is important to know. As a buyer you would want to know who the main customers and suppliers are, and who are it’s competitors.
As a buyer you would want to understand what the business does and what its worth. You would want to know how much effort the business would take to operate. This is the kind of information a serious buyer would expect to learn before making a decision.
These are three points to consider when selling your business. The team at EBIT Associates can help you with the sales process. We understand what is needed to position your business so that you can find the right buyer and receive the best price possible.