6 Questions to Answer Before Selling Your Business

Selling a business is a complicated process that, if improperly prepared for, can be very difficult to sway in your favor. Before selling your business, it’s important to be able to answer these questions:

  • Are you and your business ‘sale ready’? This includes the state of your books, equipment, accounts and position in the market.
  • What is your business worth? Having a professional valuation done is imperative before heading to market.
  • How healthy is your industry? If it’s in the middle of a transition or a downturn, it may be best to wait it out before listing your company.
  • Who is your buyer? Work with your business broker or advisor to create a clear buyer persona so that your marketing team can target the right buyers and help you achieve the optimal outcome of your sale.
  • How long will it take? Selling a business is a lengthy process and it’s important to be realistic about your timelines and the effect they will have on your bottom line.
  • How will I get paid? There are many ways to complete the transaction, consulting with your broker and considering both your needs and the buyer’s needs will bring you to this answer.

 

Curated from  Questions to Anser Before Selling Your Business – The Good Men Projectw

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