You’ve worked hard to build your business over the years, and now you are ready to sell it. Regardless of the reason you may be selling, here are five tips for successfully selling your business, and getting the best price.
Position your business for a future sale right from the start.
From the day you purchase or start your business, begin setting it up for selling success. Build long-term value by developing and maintaining a tracking system of customer transactions, financial records, licenses, equipment, and inventory – this will come in handy when it’s time to sell!
Work with a business intermediary to determine the Fair Market Value of your business.
Because the market determines value, turn to business intermediary like VR Blue Ocean Business Brokers to value your business. We have the most complete and current information on actual business sales and pricing formulas, and can therefore provide businesses with accurate market values.
Manage your business until the deal closes.
A common mistake made by sellers is to start relaxing as soon as they decide to sell their
business. To maintain maximum value, continue to manage your business right up until the day of the Closing. Keep up your inventory, maintenance, advertising, and customer service levels.
Maintain confidentiality until the deal closes.
If employees, customers, or suppliers find out that your business is for sale, they may no longer treat you normally, and your business value could suffer. Executing a representation agreement for your business with a qualified business intermediary like VR Blue Ocean Business Brokers guarantees confidentiality as well as step-by-step assistance through the selling process.
Negotiate effectively.
Don’t let inflexibility prematurely end a deal with a qualified buyer. At this stage, you benefit tremendously from the professional help of a VR business intermediary who is trained to develop creative (and responsible) terms that both help close the deal and ensure that both parties are satisfied.
Selling your business can be difficult and stressful, especially if you don’t know how to do it on your own. That’s why many people hire a VR business intermediary to assist them in selling their business. As one of the largest networks of business intermediaries in the world, we offer extensive assistance and have a history of successful sales. With our global reach, we can confidently match buyers with sellers, and have done so since 1979.
To learn more visit vrblueocean.com or call us at (954) 543-1962.
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