How Selling Your Business Isn’t Like Selling Your House: 3 Prep Items that Will Help to Get You the Best Price

The only way that selling your business is like selling your house is the actual decision to do so.

Selling your business for the best possible price takes some homework that is worth every minute you put into it. Here are the first three things to do before considering selling your business:

  1. Think five years out. If you want the best price possible, you will need to prepare so that you have the most attractive package and price.
  2. Before the business is sold, a valuation expert will do an assessment,so do your homework first –
  3. Get your records organized  – You will need: your financials in order- at least 3 years worth, your tax returns, how you capture and track your leads, your sales pipeline and conversion rate, a marketing plan and materials, just to name a few.                                                                                                                                                                                  In our next post we will drill into each category and discuss exactly what you need and how to put it together. We will also give you forms to make the job easier.  Baby boomers will start to hit their 70’s in a few years and there will many businesses for sale. Make sure your is positioned for the best sale price.

 

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