Selling Your Business
Thinking of selling your business? There are many ways to do this
. You can either sell it to another business, especially one operating in a similar field. Or you can offer it to a venture capital firm or bank who can help you sell your business to management or your employees. Of course, there are investors looking for new businesses to purchase and finding one will make things easy for you.
Your business legal status and other individual circumstances will ultimately determine how you will sell. A purchaser will tell you how he or she intends on making the purchase and their ideas on how the acquisition will take place. Make all of your expectations and terms clear to avoid misunderstandings and be very mindful of the buyers concerns.
You can either opt for a full sale or a partial sale. This means you will either sell your business in its entirety or sell small parts. In many cases, but buyer may ask you to retain some ownership of the company. This will help ensure continuity and give the buyer confidence that the business will still grow under your continued leadership.
You have two choices when it comes to payment options. You can ask for payment installments or ask for payment upfront in one lump sum. However, keep in mind that you take a risk of the buyer not making full payments in the future. Some buyers like to make payments based on profits. This option, known as an earn out, allows you to remain as part of the business for a certain period of time.
If at all possible, try selling your company without the use of a broker because it will save you a great deal of money. In order to do this, make sure to prepare all of the necessary documents well in advance. Do not make the buyer wait. Instead, prepare profit information, loss statements, balance sheets and any other detailed documents outlining previous operations. The more detailed your documentation, the more information the buyer has to go off of. Try to convince them that your business is viable but always be upfront and honest.
by: Blair Stover
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