sales@deal-studio.com
(800) 239-5085
Schedule a Demo
  • Home
  • Platform
    • Industry Websites
    • Professional Content
    • Lead Capture Tools
    • Sales CRM
    • Deal Management
    • Integrated Workflows
  • Marketing
    • Branding & Design
    • Digital Marketing
    • CBR Design
    • Social Media Graphics
    • Company Newsletters
    • Email Campaigns
    • Brand Development
  • Insights
  • About
    • Who We Are
    • Our Story
    • Our Team
    • Testimonials
  • Contact Us
  • Home
  • Platform
    • Industry Websites
    • Professional Content
    • Lead Capture Tools
    • Sales CRM
    • Deal Management
    • Integrated Workflows
  • Marketing
    • Branding & Design
    • Digital Marketing
    • CBR Design
    • Social Media Graphics
    • Company Newsletters
    • Email Campaigns
    • Brand Development
  • Insights
  • About
    • Who We Are
    • Our Story
    • Our Team
    • Testimonials
  • Contact Us
  • Home
  • Platform
    • Industry Websites
    • Professional Content
    • Lead Capture Tools
    • Sales CRM
    • Deal Management
    • Integrated Workflows
  • Marketing
    • Branding & Design
    • Digital Marketing
    • CBR Design
    • Social Media Graphics
    • Company Newsletters
    • Email Campaigns
    • Brand Development
  • Insights
  • About
    • Who We Are
    • Our Story
    • Our Team
    • Testimonials
  • Contact Us
  • Home
  • Platform
    • Industry Websites
    • Professional Content
    • Lead Capture Tools
    • Sales CRM
    • Deal Management
    • Integrated Workflows
  • Marketing
    • Branding & Design
    • Digital Marketing
    • CBR Design
    • Social Media Graphics
    • Company Newsletters
    • Email Campaigns
    • Brand Development
  • Insights
  • About
    • Who We Are
    • Our Story
    • Our Team
    • Testimonials
  • Contact Us
Blog
Home Seller Articles What Do You Need to Do to Get Your Business Ready to Sell?
Seller ArticlesSelling a Business

What Do You Need to Do to Get Your Business Ready to Sell?

Deal Studio January 16, 2020 0 Comments
Group Of Young Mixed Race Business People Working Together In Th

In his recent article in Smart Business entitled, “How to get your business, and yourself, ready for sale,” author Adam Burroughs explores the key points of getting your business ready to sell.  Burroughs points to the truism that, at some point, almost every business owner must sell his or her business.  For this reason, it is critical to think about what it takes to get your business ready to sell.  Simply stated, it is best to explore and plan for selling your business long before you actually need to place your business on the market.  Let’s explore some key points for selling your business.

Broadening Your Options

Burroughs interviews Scott McRill at Clark Schaefer Hackett.  McRill notes, “The sooner you think about your exit, the more options you’ll have for yourself and the business when the time comes.”  A savvy business owner will always want to give himself or herself as many options as possible. McRill wisely points out that early planning is key, and a failure to engage in early planning could lead to a lower selling price.  If you want to get the best price for your business, then planning for the eventual sale as far in advance as possible is a good move.

Planning in Advance

According to Burroughs, business owners should start planning to sell their business at least 2 to 3 years before they actually plan to sell.  Part of the reason for this is so that business owners will have enough time to make operational improvements designed to maximize the business’s overall value. 

A Financial Review

At the top of every business owners “preparing to sell” list is to have a third-party review the business’s financial situation.  This is excellent advice for, as frequent readers of this blog know, any serious prospective buyer will look long and hard at your business’s financials.  Getting your business’s financial house in order means that you should turn to an accounting firm for help.  You’ll want to review financial statements for at least the previous 2 to 3 years.

Burroughs points out that when it comes to selling a business, there are many variables that business owners often overlook.  At the top of the list is the management team. 

Your Management Team

Prospective buyers can get very nervous about the stability of the management team once ownership has changed hands.  Often, the new buyer may only sign on the dotted line if the owner agrees to stay on after the sale during a transition period.  Having a competent and proven team in place, one that is dedicated to staying with the company will help you get your business ready to sell.

There are a lot of variables involved in preparing to sell a business.  The sooner that you get experts involved in the process, the better off you will be.  A business broker can serve as a guide – one that can point you in the right direction.  Find a broker with an abundance of experience, and you’ll have an invaluable ally who can help you navigate the process.  It can take a lot of time and effort to sell a business.  Working with a business broker can keep you from reinventing the wheel at every step of the process.

Copyright: Business Brokerage Press, Inc. 

BAZA Production/BigStock.com

89
3162 Views
Selling Your Business, Taxes & Tax StructuresPrevSelling Your Business, Taxes & Tax StructuresJanuary 8, 2020
The Top Ways to Create an Attention-Grabbing Sales Ad to Sell Your BusinessJanuary 22, 2020The Top Ways to Create an Attention-Grabbing Sales Ad to Sell Your BusinessNext

Related Posts

transport, business trip, technology and people concept - senior
Selling a Business

“Loose Lips Sink Ships”

The “loose lips” tagline was a common World War II phrase and was on posters...

Deal Studio June 27, 2012
Seller Articles

“Red Flags” in the Sunset

Unlike that poetic title of an old-time standard song, Red Sails in the Sunset, red...

Deal Studio March 22, 2016

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts
  • What Serious Buyers Look For June 7, 2023
  • The Benefits of an Advisory Council May 31, 2023
  • Cultivating Your Brand Strategy May 24, 2023
  • An Overview of Term Sheets May 19, 2023
  • Understanding Corporate Social Responsibility (CSR) May 10, 2023
Categories
  • Blog 22
  • Buyer Articles 105
  • Buyer FAQ 14
  • Buying a Business 33
  • Content 1
  • Financing the Deal 7
  • General Business Brokerage 9
  • Marketing 6
  • Marketing for Business Brokers 1
  • Promotion 1
  • Seller Articles 303
  • Seller FAQ 35
  • Selling a Business 193
  • Uncategorized 2
  • Using a Professional 6
  • Valuation 14
  • Workflows 1

Automate, accelerate and elevate your deal making
Email sales@deal-studio.com
Phone (800) 239-5085
Request Media Kit
View Demo Site
Platform
» Industry Websites
» Professional Content
» Lead Capture Tools
» Sales CRM
» Deal Management
» Integrated Workflows
Recent News
  • What Serious Buyers Look For
    June 7, 2023
  • The Benefits of an Advisory Council
    May 31, 2023
  • Cultivating Your Brand Strategy
    May 24, 2023
Newsletter

Terms of use | Privacy Policy

© Copyright 2023 Business Brokerage Press, Inc. All Rights Reserved.