Here's the Steps to Sell your Business.
Step 1 - Gather your Financials.
Before you do anything, you need to know what the business makes. Without this, nothing else can happen. The more precise this can be showcased, the better the chances of selling the business.
Your accountant, bookkeeper or CPA, can normally provide these for you. If you are running as a solo operation, you can typically pull your financial reports from various software programs like Quicken or similar services.
Step 2 - Get a Business Valuation.
Once you have your financials gathered and know what the business makes, it is time to order a business valuation. There are several ways to do this, but you should have this done separate from the actually listing a business for sale. You can outsource or get a general idea by yourself by reading books that you can pick up on Amazon.
Step 3 - Find a Business Broker.
Once you know what the business is generally worth, have the financials in order to support what the business makes, then it is time to get a Business Broker to market the Business for Sale. You should use some sort of Intermediary for several reasons, including pre-screening buyers and confidentiality. When searching for a Business Broker, you should compare several and decide which one is best for you.
Step 4 - Prepare your Business for Marketing and Sale.
After finding a Business Broker and signing your engagement agreement, you and your Business Broker should prepare your Business for Sale. This will vary in scope depending on the size, market, type, and targeted buyer pool your going to solicit to. Your Business Broker should be able to guide you through this process and prepare all materials needed.
Step 5 - Sell your Business.
When you have completed steps 1 thru 4, it is time to actually sell the business. Unfortunately, less than 20% of businesses offered for sale actually end up selling. There are several factors to this, but usually it is the fault of skipping one of the steps above. If you have secured a knowledgeable Business Broker, you should be able to increase your odds of success when selling your business.
So what should you do now?
Get a Free Initial Consultation on Selling your Business in Tampa, FL with us!
With over 15 years experience, and having sold several businesses throughout Tampa, we can provide you with a good idea of the process and guide you to successfully selling your business too.
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