12 Feb Around the Web: A Week in Summary
A recent blog post from BusinessBroker.net entitled “Ready to Sell Your Business?” discusses the steps one needs to take in order to sell their business and what the process of selling a business is like.
Before you begin the process of selling your business, it is very important to make sure you are ready to sell and move on. It can sometimes be difficult to make the decision to sell a business, something you’ve put so much time and energy into building. When selling you must be prepared to let go and see the buyer make changes.
Once you are ready to sell, a key step you can take to help ensure the process goes as smooth as possible is to find a professional business broker. Working with a business broker can help you gather all the necessary paperwork and financial information you will need to go through with a sale. The broker can also evaluate your business to determine a selling price that is fair in today’s market and market your business to qualified buyers.
A recent blog post from CPI entitled “5 Exit Strategies Everyone in the Business Industry Should Know” reviews the different types of business exit strategies and which one might benefit you the most depending on your business and what you want to get out of it.
Some of these exit strategies include:
- Letting the business take its course
- Selling to an interested buyer, management, or employees
- Initial Public Offering
It is important to understand the many different types of exit strategies there are based on your industry and goals. Thorough planning, professional help, and timing are all key components of this process.
A recent blog post from Exit Strategies Group entitled “5 Ways to Make Your Business More Sellable” offers practical tips to help make your business more appealing to buyers. These tips include:
- Cleaning up financials
- Building a team
- Diversifying your customer base
- Document, systematize, and automate
- Earnings quality
These actions can help improve marketability, sell-ability, and sale-readiness. Keep in mind that being prepared to sell is the biggest advantage. Creating a plan and getting counseled on selling your business well-beforehand can be extremely beneficial.