Create the business that gives you the life you’ve always dreamed of…
Set clear objectives
Having clear goals on why you want to sell the business will help you focus on the decisions you need to make. Do you want to sell as quickly as possible? Or are you looking to release capital for an investment or new business?
This process will take some time but knowing what your objectives and outcomes are will make it much more likely for them to come to fruition.
Prepare the business for sale
Even though you have a business that is working and profitable, is it ready to sell? Having your business in the prime spot to sell will be vital for you to sell for a healthy profit. Anyone looking to buy your business will want to make sure it can be profitable for years to come.
Even if you don’t plan to be in the business, have a growth plan for the next few years on how the business will grow and how that’s going to be achieved. A buyer coming in will be able to see the long-term profitability of your business and value that higher.
Prepare your accounts for the last few years and make sure everything is in order. Any serious buyer will want to review your financial statements, so it’s best to have these prepared and up to date.
With you leaving the business a new management team will be taking over and thus you will need to pass over responsibility to new people. Make sure a management team is in place so you can leave the business without a hiccup. You’ve played a key part in the business, and you must be able to pass the baton over to the new team.
Get your business valued
You may have an idea of what your business is worth, but do you really know? It’s important to see what the current market values your business and if it meets your expectations.
You can use our Value Builder assessment to get an accurate valuation and learn the key drivers that determine your business value.
Find a buyer or use a broker
When looking for a buyer, you can either find a buyer yourself or use a broker. Using a broker can be easier as you might have access to a wider network of buyers, or you can use your own network of contacts who might be interested in buying your business.
Using a Broker will free up your time to still work while they take care of negotiating for the best price. But remember they will take a commission for their services.
Be patient
Selling your business can be a long and arduous process, so it’s important to be patient and this will allow you to get the most for your business. Any urgency or rush may reduce the list of potential buyers.
It can take time to complete all the pre-sale work you need to carry out; take your time to complete these to a high standard and you give yourself the best chance to make the most profit.
If you would like to discuss your business plan and make sure you are set up for success, book a FREE coaching session with one of our certified Business Growth Specialists and discover how to unlock your full business potential.
Real people, real results
See how business leaders just like you have partnered with ActionCOACH NextLEVEL and used our proven tools, systems, and frameworks to achieve dramatic, sustainable personal and business growth.
How to get started with ActionCOACH NextLEVEL
FREE business valuation
Discover how your business scores against the 8x ValueBuilder factors of “sellability” that drive the value of your business.
Discover now
FREE coaching session
Book a complimentary business growth discussion with one of our award- winning, certified business coaches.
Book now
-1.svg)
FREE business scorecard
Understand your current business performance and discover how to increase productivity and effectiveness in your life and business.
Experience now