10 things you need to do BEFORE you list your business for sale

10 things you need to do BEFORE you list your business for sale

Want to get the best price in the shortest time when you sell your business?

Selling your business can be a complex, time consuming and challenging task, which is why it’s very important to plan ahead and get the groundwork right.

So before you decide to list your business for sale, take a look at the 10 things you need to do BEFORE you list your business for sale.

Step 1 - Make sure you’re not suffering from business burnout

Step 1 - Make sure you’re not suffering from business burnout

Thinking about selling your business because you’ve lost the passion that drove you to start the business in the first place, lost your focus and direction or lost your competitive advantage?

It’s highly likely you’re suffering from business burnout.

Unfortunately, although this is the time you might be tempted to list your business for sale, if you do decide to sell your business when you’re experiencing business burnout, it’s highly likely you won’t get what it’s worth.

So before you think about listing your business for sale, take a look and see if any of the signs of business burnout apply to you.

Step 2 - Consider whether this is the best time to sell your business

Step 2 - Consider whether this is the best time to sell your business

Your business will be easier for you to sell and realise its true value when your sales are strong, your profits are better, your accounts and finances are in order, the economy is booming, financing is easy to obtain and when buyers have time and are actively looking for businesses to buy.

Naturally, you will want to hold onto a profitable business that you love working in, but if you’re serious about selling your business, this really is the best time to sell.

Here’s why these are the best times to sell your business.

Step 3 - Ensure your business is really ready for sale

Step 3 - Ensure your business is really ready for sale

Just because you’ve decided it’s time to sell your business … it doesn’t mean your business is ready for sale.

Being prepared to sell your business and your business being properly prepared for sale are actually two totally different things.

So before you begin to sell your business, take a look at the five things you need to do to ensure your business is really ready to sell.

Step 4 - Seek professional advice

Step 4 - Seek professional advice

Put your business one step ahead of the rest by engaging the services of a professional and proactive business broker who will provide you with an extensive range of brokerage services, such as helping you value your business, securely organising your information, creating a growth plan and telling your story for you.

Then once your business broker has built you a superb “for sale” website, they will save you time and stress by providing overall deal management, screening potential purchasers (and answering all of their questions) and liaising with all of the necessary parties to the deal.

So while your business broker is guiding buyers through the entire sale process, you can continue to focus on ensuring your business is running as smoothly and as profitably as possible.

Step 5 - Understand the true value of your business

Step 5 - Understand the true value of your business

Regardless of what you think your business might be worth…

…at the end of the day, it is ultimately only worth what someone is willing to pay for it.

There are several different ways you can value your business and the method you ultimately use will depend on the industry you are in, the financial state of your business and the type of buyer who is interested in buying your business.

Your business broker will have the market knowledge and experience to help provide a realistic valuation so you can set the right price when selling.

Step 6 - Let your business broker help you prepare your business for sale

Step 6 - Let your business broker help you prepare your business for sale

To get the most out of the sale of your business, you need to focus on the five key areas of business sale preparation BEFORE you list your business for sale.

This is where your business broker’s objective viewpoint can provide invaluable input and a fresh perspective to help you assess just how prepared you really are to sell your business.

Our Brilliant Business Sale Preparation Scorecard will measure you against the five key areas of preparation (strategic, financial, operational, physical and emotional) to assess just how well prepared you are to maximise the chances of successfully selling your business.

Step 7 - Invest in marketing your business for sale

Step 7 - Invest in marketing your business for sale

It’s no longer good enough for a broker to list your business on their website, make a few calls and sit back waiting for a buyer to come to you.

A proactive business broker will actively find buyers for your business by using the power of well-planned marketing strategy to sell your business.

An active marketing strategy will drive your business sale, resulting in increased exposure, increased demand and a quicker sale.

Step 8 - Make your business easy to buy

Step 8 - Make your business easy to buy

If you’re trying to sell your business, most of your potential buyers will probably be looking into other businesses for sale as well and you could potentially be competing against thousands of other businesses on the market. Your business will be more attractive to potential buyers if you make your business easier to buy.

When all parties can quickly and easily access and respond to all of the necessary financial and legal documents, this transparency of process engenders confidence in potential buyers, ensuring you are ready and waiting if opportunity comes knocking…

…and because there’s no time wasted chasing documents it makes your business faster and easier to buy as well.

Step 9 - Surround yourself with a team of specialists

Step 9 - Surround yourself with a team of specialists

Running your business and selling your business are totally different skill sets, so to achieve the best outcome when selling your business it makes sense to use a team of specialists to help you on this complex journey.

Your business broker will work closely with your accountant and your lawyer to provide objective advice, a fresh perspective, an understanding of the true market value of your business, comprehensive legal advice, sound financial advice, an understanding of how to best market your business for sale and experience in getting the deal over the line.

When it comes to selling your business, the secret to a successful sale is using the best people possible for the job.

Step 10 - Use a complete business sale solution

Step 10 - Use a complete business sale solution

A proactive and professional broker can help you obtain the best possible price in the shortest possible time, as well as making the process of selling your business as pain-free as possible.

Our Brilliant Businesses’ Complete Business Sale Solution brings the buyers to you using our proven 5-step process.

…We put your business one step ahead,

…We tell your story for you,

…We bring the buyers to you,

…We get the deal done, and

…We get the best price in the shortest time

Contact us to find out more.