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What do I have to do to sell my business? |
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To understand how to approach the transaction from the buyer’s point of view, to prepare and to have patience!
Buyers are looking for proof of goodwill and a proven operating model. They want to be sure that the goodwill will indeed stay with business after the sale, and that there are enough clients for a profitable operation. As the number of “grey’ and or unrecorded transactions and processes increases, and as the percentage of the business that exists only in your head increases, the less appealing the business becomes to buyers.
If there are skeletons in the closets, remove. If certain things can be improved, improve them. And if your results are trending the wrong way because you have turned complacent in your marketing efforts reverse them.
On a personal level you must prepare your self emotionally and to be armed with patience. Selling a business takes time.
If you do not have time to prepare for the sale of your business, then you have chosen the wrong timing for the sale of your business. You are under pressure, and pressure makes it almost impossible to sell your business.
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