Ready to sell?
If you're ready to retire or move on from your business, let us help you sell your business in an efficient and streamlined way. We want to make it as stress-free as possible which is why have created a proven process to get your business from "on-the-market" to "SOLD"!
STEPS TO SELLING YOUR BUSINESS
1 - Determine The Value Of Your Business
You've worked hard to build your business from the ground up and now it is time to put a value on it. Your business broker can help assist you by doing a market analysis and comparing it to similar businesses. From there you can list your business and start entertaining offers!
2 - Get Organized!
Once you list your business, you are going to have interested buyers! Those buyers are going to want information. At first, basic information is fine, but then once you get a more serious buyer they are going to do due diligence and ask you about your finances and other aspects related to the business. Make sure you have everything cleaned up and organized to make it a smooth process!
Some things they will ask for during due diligence may include:
- Organizational documents for the business (e.g. incorporation docs, certificates of good standing, business licenses, etc.)
- Previous 3 years of business tax returns
- Current and previous year income statements, balance sheets, and cash flow statements
- Revenue broken out by customer for the last 3 years
- Information on existing business debt
- Customer lists with proprietary information blocked out as necessary
- Existing contracts—can these be assigned to the new owner?
- Commercial lease or other property documents
- Rent rolls if the property has tenants
- Uniform franchise disclosure document (if the business is a franchise)
- Employee and manager information
- Marketing and advertising materials
- Legal records for pending litigation, if any
3 - Get Your Asking Price!
Now that you have serious buyers interested in your business, you want to negotiate price and terms. You may be met with lower offers, but through negotiation and proper documentation showing your business' value, you can work to a price you both agree on. Don't settle and take a low offer because it will sell quickly, let the right buyer come to you!
Also important to note that you want to prequalify your buyers to ensure they are able to purchase the business!
4 - Close The Deal!
Once your buyer has signed their letter of intent and completed their due diligence, all that is left is to do is finalize the closure by signing the purchase agreement!
Once that is all said and done you can hand over the keys and start a new journey!
READY TO SELL?
If you are ready to move on to a new venture or retire from business ownership, let's work together to find the right buyer for your business!