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After putting a lot of time and energy into getting your business off the ground, there may come a time when you need to sell the product of your hard work. Selling a business is a complicated process that can easily become overwhelming for any owner. While working with a business consulting service ensures you have the proper support, the following guide can help you with some of the basics. 

4 Steps to Take When Selling Your Business

1. Value Your Business Properly

Several factors determine the value of your business: Where do you stand within the local market? How are your sales figures? Do you have a loyal customer base? Is your business known for innovation? When valuing your business, be sure to consider all of these factors to arrive at the most realistic asking price. 

2. Don’t Wait for the “Perfect” Buyer

While you don't want to rush into a sale, you also don't want to wait around for a dream buyer who might never materialize. Create a checklist of characteristics you'd like to see in a prospective buyer, but don't shy away from someone who ticks most of the boxes, even if they aren't the total package.

3. Hire an Accountant

business consultingEven if you’re confident in your bookkeeping skills, have an accountant review your finances before the sale. The more transparent you are with your costs and expenses, the more trust you’ll build with potential buyers. This will also prevent any surprises from popping up down the line. 

4. Take the Sales Process Seriously

A popular, thriving business will usually sell quickly. However, even if your business’ reputation is positive, you’ll still need to present yourself and your company in the best possible light when negotiating a sale. If you lack strong sales skills, consider working with a business consulting company to help you devise a strategy that’ll garner the most interest.

 

If you’re looking to sell a business in La Crosse, WI, Gillette & Associates, LLC is here to help. Their business consulting department can value your business and create a reliable sales strategy that’ll get results. They can also assist you during the succession planning process, even if you anticipate being the owner of your business for many years to come. Contact these skilled accountants today by calling (608) 784-8355, or learn more about their business consulting services online

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