When it comes to selling the business, there are tasks that you need to face. And when you do face it, you must tackle it head on instead of procrastinating since the longer you get scared, hesitate and procrastinate will diminish the value of your business. That’s not an option you would want to happen as a businessman, right?
But there is no need to worry since we’ve provided an easy-to-follow process that can be used as a guide by businessmen and business sellers alike. Moreover, you can ask business brokers victoria to help you with the process up to the last step of the process.
When selling a business, you will need advice from different aspects: finance, legal, and a personal point of view of the decision. Choose carefully on people you’ll include on your advisory panel because these people will be the ones who’ll help you with your decision making. You can also contact brokers to the list.
Having a definite plan can help you through the process. Before selling the business, have an answer to the following questions: what are you and your stakeholders’ goals?; when is the perfect time to make an exit?; what are your plans for the business?; how big of the business are you planning to sell?; who do you think are the potential buyers?; and more.
Determine what sets your business apart from your competitors and the information buyers are looking for before buying a business. This can be the products, customers, management team, processes and more. You can also improve the business or make the necessary changes to increase USP and value.
Distributing material can help in soliciting interest from other potential buyers, making them get a glimpse of your USP and the basic knowledge about the business.
This is the moment wherein your prospects are now making a move — bidding for your business. Are you are going to choose one among them or sit is and wait for more bids?
When you’ve already decided on whom to prioritise, you can now show more information about the business.
This is the moment of truth. The buyer is serious and wants to get their hands on your business. As for you, it’s time to negotiate with the right pricing where both agree. Make sure by this time you are well-informed about the legal documentation, such as Letters of Intent (LOI) and Purchase Agreement (SPA), to have a smooth transaction with the buyer.
After purchase doesn’t mean the buyer can do everything on their own. Before passing the business to another, there will always be a transition period wherein the seller will become involved in assisting the buyer regarding customer handover and explanation to management/staff, sponsors, etc.
These tips will surely help you in your decision of selling the business. Congratulations if you were able to, and don’t think it was a waste of time if you weren’t able to since the experience will make you learn more about the business and the industry altogether, your plans and how you will approach a business from now on.