You’ve decided to sell your business. Now you need to prepare your business to be ready to sell. Once you have made that decision it is of course perfectly reasonable to want to sell your business for its maximum value. A Business Transfer Broker can obviously facilitate that by marketing, contacts and targeted advertising. But what can you do?
The first thing is to get your house in order by way of paperwork. Potential buyers will want to see that you have up to date accounts and relevant documentation regarding rent, rates and lease parameters. The more organised you are the more attractive your business will be to a buyer.
Another key point is making sure you meet any potential purchasers as soon as possible and really try and take the time to be able to communicate with them the business’ assets, the day to day running and why buying it would be an attractive proposition for them.
This leads me on to another important criteria; improvements. The better shape your business is in overall the better price you will be able to get for. For example if you have a business premises that could do with a lick of paint to make it really stand out, don’t hesitate to get that done before you put your business on the market. Perhaps you have a menu that could do with a new direction, make it happen. This not only gives you something to discuss with potential buyers, it also gives you the chance to advise them how with a little effort the business could grow.
Lastly make sure you are careful with who you share your plans to sell your business with. Perhaps only share this information with professionals such as your accountant and solicitor. It may also be wise to get them to agree to sign a confidentiality agreement as if the sale of your business becomes common knowledge it could affect the price.
Now all you need is the assistance of a reputable broker and you’ll be ready to take that next step on your journey to sell your business for its maximum value.