So the time has come where you want to sell your small business and try something different or work towards retirement, when it comes to selling a business planning is one of the biggest aspects to a successful sale. Here are the top five things to consider when you are preparing to sell a business.
- Meeting with estate planners and an accountant: selling any business means that you will have to pay some form of tax. With the help of an estate planner and accounted you can figure out the type of taxes that you might have to pay on selling your business. This can help you to prepare your financial situation accordingly.
- Prepare financial reports: with any financial report you’ll want your sales numbers to reflect your business price. Review your financials and work to paint a favorable picture of your business to make it viable for sale.
- Consider the transition: either bring the rest of your staff up to speed so that they can run your business after the sale or agree upon a lower buying price to work as a consultant as the new manager uses you to train staff and bring the business up to speed.
- Looking to pass business relationships: if you have a bad reputation with a certain contractor, leaseholder or otherwise work at mending these relationships.
- Speak to an official advisor: a professional business advisor can help you determine the best time that you can sell. Most of these advisers would be willing to work with you long term to help you plan for retirement or the time at which your business could be purchased at top market value. They can also provide you with some suggestions on making your company more favorable and more valuable.