Selling a business can be stressful and you want to be sure you are achieving the right price. We believe the following should be considered before putting your business up for sale:
Make sure you have good financial records
Keeping your financial records and information organized and in files will help you to get a valuation quicker as potential buyers will want to know the profits gained for the past 2-3 years and predicted profits for the next 2-3 years. If you are going to create a sales forecast for potential buyers make sure that they can be backed up by evidence and are realistic.
Companies need to be running smoothly if you are going to sell them, so planning well in advance to get the company organized, efficient and running to its maximum will help the company to sell easily.
Know your reasons for selling
Make sure that you have reasons to sell – buyers will want to know why you have decided to sell the business. They can range from wanting to try new things to a retirement fund.
Placing a value on your business
A professional valuation will give you a true idea of how much your business is worth and how much can make in profit from the sale.
It is important to work closely with your advisor on on your tax liabilities, plus the difference between an asset sale and a stock sale and what the different tax liabilities are.
Choosing the right broker to market your business
When looking for a broker to sell your business, you need to look at how much experience the broker has of selling businesses, their successes in selling similar businesses, what contacts they have with potential buyers, how they will market your business, the fees they charge and how they will keep the sale confidential.
If you are thinking about selling your business then come and talk to TaxAssist Advisors today and we can work with you to get the best price for your business. Confidentiality is one of the most important considerations in business transfer and we ensure that is a top priority in our service. Contact us today to arrange your free initial consultation using our inquiry form.
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Running your own business can be challenging so why not let TaxAssist Advisors manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
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