Life throws many curveballs. If for whatever reason, you’re considering stepping down from the ownership of your business, here are five steps you should take to determine if your business is worth selling.
- Review your financial statements
Determine if your business has strong enough financial records. There should be at least three years of records, and they should show that profits have stayed ahead of operating costs.
- Evaluate brand strength
A well-known brand and positive reputation make your business appealing to buyers. Do you have a unique and appealing trademark or domain name? An effective marketing program is also a plus.
- Is your business location ideal?
Is your local customer base growing or is your market all online? Examine the physical condition of equipment and the building. A long-term, transferable lease is another selling point.
- Consider your staff and customer base
Can your current team stay on board when the ownership transfers? If your business has a loyal customer base, buyers will perceive much more value.
- Make improvements
After taking the previous steps, you should know which areas need improvement and devise a plan to implement whatever changes are needed.
The final decision
If taken all the right steps and determined that your business is worth selling, you’re ready for the final decision. You should know whether you need to spend more time on improvements or if you can get a good price now. A helpful next step would be to speak with a South Florida business broker. Selling your business can be overwhelming, especially if you don’t know how to do it on your own. That’s why many business owners hire a VR business intermediary for help. 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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