If you are a business owner in Orlando or Kissimmee Florida area at some point you have asked yourself “Hw to sell my business? or How do I sell my business?”
Every Small Business Owner In Central Florida should have a basic knowledge of how to sell their business to get the highest price possible.
If you follow these Seven Steps you ware well on your way to selling your business:
Determine the value of your company: Know which way is the right way to value your business or company. Understand the things that drive value and detract from the value in your specific marketplace and to you industry.
Clean up your small business financials: Keep your books and records clean. Use a bookkeeping software like quickbooks or peachtree or quicken to maintain your records
Plan Ahead: Tax mitigation can hurt you on your sale so make sure you understand the relation of short term decisions with long term impact at the time of sale relative to your deal structure.
Boost your sales: When your sales are growing it mitigates questions. You do not want sales declining…it raises questions from banks and prospects. In addition, sales heals all things problems….or can at least mitigate them.
Find a business broker: An experienced one with the resources and tools to get the deal done….not an offer but sold.
Pre-qualify your buyers: Your broker and team should make sure the buyer can get to the closing table.
Get business contracts in order. In addition to contracts…financial paperwork to be requested during due diligence like tax returns, bank statements, reconciled financial statements, licenses, vendor agreements all need to be in order when selling a business.