Whether your business is thriving or could use a bit of help, it shouldn’t impact your ability to sell your small business and make an honest profit. There are tons of buyers who are interested in buying up properties and turning them around quickly. However, if you want to get the most out of the sale, it’s not going to be enough to type in “how to sell my business” and expect to get answers. Instead, it’s best to understand what makes a good sale, and how not to get taken advantage of in the process of unloading your property. If you’re ready to sell, here are a few things to be aware of.
1. Don’t Fail to Plan
Sure, you might imagine that once you decide to sell, that’s that, and that there’s no more work to be done. However, if you want to make a good sale, you can’t afford to let everything go too early. You have to make sure all the books are in order and that the business is in essentially good shape before passing it off to someone else. Not only do you want to make more money on the sale, you don’t want to leave the new owner with a huge mess to clean up. You have to be prepared to fill your new buyer in on any outstanding issues or potential problems they’ll have to deal with, such as with the lease or staffing conflicts.
2. Don’t Sell to Just Anyone
If someone comes to you with a great offer, your first instinct will be to sell. However, don’t be too hasty. Selling to the wrong person is just as bad as getting totally shorted on the sale. You should always meet with potential buyers and talk a bit about what they hope to achieve with the sale. For instance, are they just interested in the property, or in the business itself? Do they have a solid 5-year plan? Knowing what kind of businessperson your buyer is will help you make the best possible decision.
3. Don’t Wait Too Long
You don’t want to leap at the first thing that comes along, but you also don’t want to write off the possibility of a better deal. Waiting even just a short period of time could end up being a shrewd business move, especially if you’re trying to sell at a less-than-ideal time for the current market. Don’t feel like you have no options and have to offload your property quickly. Be picky about your offers, and make sure you really use what you have to leverage a better deal.
4. Don’t Be Too Hands-Off
You want to sell your business and move on, but you don’t want to be completely laissez-faire about it. Instead of being a passive seller, do your best to ask questions, get things in order, and really develop a good relationship with your buyer. This won’t just result in good will between you, it will help you in your future career as a business owner.