Selling a business that you started from scratch and built up over the years can take an emotional toll. The process also takes up a lot of time, often dragging out for many months. However, with proper planning, you can have a quicker, smoother transaction and minimize costly mistakes. The following is a guide to make that happen.

5 Ways to Make Selling a Business Easier

1. Get Everything in Order

Interested buyers are not privy to details regarding your business, so you must put together important information for their perusal and further examination. Make sure financial records, contracts, and agreements are updated and in order. Have an accountant prepare and review your books instead of presenting internally generated financial statements—this will leave a better impression on potential investors.

2. Opt for Business Appraisal

As the owner, you may be emotionally invested in your business, which can cause you to distort its value. Hire someone who can objectively assess how much your business is worth. They will review financial records, performance, market position, and other factors to come up with a reasonable valuation—one that you can bring to the table during negotiations.   

3. Understand Its Potential Vulnerabilities and Growth

Buyers will have a different perspective of your business, so take a step back and look at your company realistically. Try to identify weaknesses in your operations, and address these first before negotiations begin. In the same vein, consider your company’s potential for growth as well. By acknowledging the problems and opportunities, you’ll give interested buyers a realistic set of expectations about your business, which will also make you seem more trustworthy.  

4. Work with the Right Team

Selling a business is not straightforward, as errors and oversights can have costly repercussions. Avoid these by hiring experienced professionals like an accountants, attorney, and Business Broker. Manage your professionals – oversee and listen to their advice.

5. Stay Focused

It’s easy to be distracted from work, especially with ongoing negotiations. Refrain from getting sidetracked, as this can significantly affect operations and financial results before closing.  Business performance can should be your primary focus.

If you’re interested in buying or selling a business in the near future, the professionals at Zoellner Gartner & Company will guide you to a successful sale or acquisition. Since its inception in 1988, they have helped numerous buyers and sellers throughout Southwestern Ohio, Northern Kentucky, and across the United States to accomplish their dream of running a company. Call (513) 852-2400 to speak with an advisor or visit them online to learn more about their services.