12 May Around the Web: A Week in Summary
The following information has been sourced by Business Brokerage Press for the benefit of the business brokerage community. The views of these articles do not necessarily represent the views of Business Brokerage Press. We hope you find this information helpful.
A recent article from Exit Strategies Group entitled “Spring cleaning is good for business” discusses what business owners can do now to make for an easier sale when the time comes to exit. An annual cleaning and organization can help the business run better in the immediate and can help impress buyers in the future.
Areas that a business owner may wish to focus on during spring cleaning include:
- Getting financials in order and audited by a CPA
- Making the facility clean and organized
- Digitizing and going through files to make sure they are orderly
- Getting rid of excess equipment that isn’t in use
A recent article from Sunbelt Business Brokers entitled “6 Steps to Selling Your Business Successfully” offers tips for business owners preparing to sell. A successful sale depends on the business being appealing to buyers and the owner being well-prepared.
When preparing to sell your business, consider the following:
- Determine why you want to sell
- Establish a timeline and transition plan
- Get a third party business valuation
- Make improvements to address any issues or deficiencies in the business
- Get your financials in order
- Enlist the services of a business broker to help identify and screen buyers
A recent article from Viking Mergers & Acquisitions entitled “Selling a Business in Charleston: My Personal Experience” discusses selling a business on your own vs. utilizing a business broker. While it might be tempting to try to sell the business on your own and save the commission, this could be a detrimental move.
One potential consequence of selling the business yourself is leaving money on the table. That commission can be well worth it when your business broker properly prices the business and handles the negotiations with unwavering strength.
Another potential consequence is spending a considerable amount of time fielding inquiries and information requests which can take your focus off of keeping the business running smoothly.
You also may not realize all of the checklist items that you have to take care of when selling such as compliance and permitting changes.