When Is a Good Time to Sell My Business?
You’re thinking about selling your business. But you are not sure when the best time is to put it on the market. Perhaps you are willing to wait for the absolute right time when you can get the absolute maximum value for your business.
Perhaps you own a pub or café and feel that you want a potential buyer to be able to see your business when you have customers sitting outside enjoying the sunshine so naturally want to wait till the summer months before you go on the market.
Or maybe you have a gym or health and lifestyle store, so you feel the best time to go on the market is the start of year when many people make a commitment to have a new start and get fitter and healthier.
These are valid and reasonable things to assume. But want to know the truth? Here it is. If you have a good business at a competitive price, it will sell whatever the time of year.
You are far better spending your time preparing your business for sale. Now this doesn’t have to be too time consuming after all your busy enough, just a few minor tweaks here and there to make your business as attractive as it can to a potential buyer.
First get your paperwork in order, accounts, lease details, rates etc. This will be the first thing an interested party will want to see after they have expressed an interest in buying your business.
Secondly make your business as attractive as you can, this can be anything from a lick of paint to a full refurbishment. The better your business looks to you, the better it will look to a interested party.
Lastly have a think and then make some notes on how your business can grow, this could be increasing your trading hours or building an online presence. This will give you something to discuss with a potential buyer and perhaps make them see themselves implementing these changes once they have taken the reins.
So thinking about selling? Then get in touch, because at Sovereign, we always put the client first.
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