Marketing September 13, 2013 Last updated September 18th, 2018 915 Reads share

12 Tips To Help Sell Your Business

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In today’s business world information is quickly communicated.  When someone is trying to sell their business they must effectively communicate important details to a prospective customer.  Knowing what information the potential buyer wants to see is essential.  Providing it for them in a quick and easy format can help increase the number of interested buyers.

# 1. Reason for Business Sale

One of the big questions an interested buyer will want to know is the reason for selling the business.  This must be handled carefully and show how the sale has nothing to do with the quality of the business.  This will enable the potential buyer to focus on other aspects of the business.

# 2. Accurate Valuation

There are many different ways to provide a valuation of a business.  It’s best to choose one that incorporates past, current and future assets to illustrate the financial trends of the business.  These trends can then be compared to current market trends within the industry.  They can also be used to compare against other similar businesses on the market or that have been sold.

# 3. Consult a Financial Advisor

It’s best to speak with a professional financial advisor who can provide information on all the corporate and personal tax consequences associated with selling a business.  This information can help structure the sale to benefit the seller and the buyer.

# 4. Legal Paperwork

It is best to have a legal professional involved to create any necessary legal paperwork.  Prior to the sale of a business it may be beneficial to have all vendor contracts reviewed and evaluated.  It’s important to have them easily available because a potential buyer may want to review the vendor contracts.  Each party involved with the sale of the business needs to agree and understand contract details.

# 5. Assistance

In many businesses it may be necessary for the old owner to remain active in the business for a period of time.  This is a benefit that can be offered to the potential buyer and increase the chance of a sale.  Learning how to operate the business from the previous owner can help make certain the business remains successful into the future.

# 6. Illustrate Business Accomplishments

A business for sale needs to demonstrate its accomplishments in providing products or services. A potential buyer wants to know how the sales aspect of a business is successful and how it will improve in the future.

# 7. Describe Assets of Business

It’s important to accurately describe the assets of a business.  A potential buyer will want to see facts and figures as well as illustrations to make the point.  Financial data as well as trademarks or other physical assets should be shown.

# 8. Business Position and Potential

An important aspect of selling a business is showing its value in the current marketplace.  An accurate way to show potential buyers that business being sold is a bargain is with visual images.  They can illustrate to a possible buyer how the business will grow in the future.

# 9. Impression

It’s important to not put a business on the market until everything is in place.  When a potential buyer visits a business it’s important they see a place that is orderly and running well.  It’s time to finish the cleaning and organizing projects that have been postponed.  The places where customers don’t go will probably be looked at and also evaluated before any offers are made.

# 10. Finding Potential Buyers

Many businesses are well known and once they’re offered for sale some potential buyers will inquire about the details.  If someone wants to expand the pool of potential buyers they can use the services of a business broker.  This will enable the business owner to offer his business for sale without upsetting their customers.  There is a brokerage fee involved but it can be negotiated with the buyer.

# 11. Closing

It’s important to cover every detail prior to the closing.  Have an agreed upon checklist of everything involved in the closing. Things that may be included are alarm codes, insurance policies, keys for the building, filing cabinets and more.  Computer codes, vendor lists as well as documents for vehicles and any agreements involved in running the business.

# 12. Use Experienced Professionals

No matter what tools are created to sell a business it’s best to use someone with experience.  If creating a business video production, the professionals will know how to take an idea and put it on a storyboard, create an effective script as well as get the right voices for the video.  They’ll be able to produce an animated video that will be a vital tool when selling any business.

Conclusion

Selling a business requires providing important information that potential buyers can easily process.  The proper use of visual images and illustrations can provide enough information to get an interested buyer to consider making an offer.

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Mehroz Khan

Mehroz Khan

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