Preparing your business for sale
When it comes to selling anything, be it a house, a car, or any other personal possession, you want it to be in the best condition possible in order to maximise your returns. Selling a business is no different. While sales preparation may not ultimately increase the value of your business, it may well increase the attractiveness of it to potential buyers. Here are some things you can do to get your business in top selling condition:
1. Get your financial affairs in order – It is inevitable at some point of the sales process that a buyer will want to scrutinise the financials of your company before deciding whether it is a worthwhile investment so getting this prepared early will not only save you time in the long-run, but being able to provide this information in a timely manner will also be appreciated by your prospective buyer.
2. Appearances matter – If you operate from a fixed premises, make it look as attractive as possible. Give the place a lick of paint, fix weathered signage, and consider updating any antiquated machinery.
3. Get a trustworthy valuation – Knowing how much your business is worth and working out your expectations can ensure you are pitching your business to the correct sort of potential buyers.