Changes are on the horizon and you need to sell business – your business. But are you ready for the process, the challenge of it all? In fact, there is some preparation required in order to have your business “ready to sell”. The opportunity to sell at the right time may not just happen anytime you want.
In today’s face-paced world, it’s not enough to be ready to sell business. San Antonio businesses have to be ready to sell – at a moment’s notice, if the price and offer are right. Sometimes however, it’s a life event and not an attractive offer that necessitates the sale of your company. The bottom line is, you – and your business – should always be ready to sell.
Experts say you should be ready to sell your business from the first day you open your doors. To this end, there are a number of things you can do to ensure you have a buyer-ready business:
Overhaul Your Financials
Make sure your income statement accurately reflects the way the company’s financial status should look – minus the perks that business owners often enjoy, such as accelerating depreciation, paying above market salaries etc.
Focus on Your Business’s Core Strengths
Companies with one clear business focus are a more attractive prospect to a potential buyer than one with interests in a wide variety of areas. If you’re thinking of selling, it may be time to streamline operations and make sure you are aware of any potential problems within different divisions.
Work Yourself Out of a Job
A company that relies too heavily on its owner is harder to sell than one in which a new owner can slot seamlessly into operations. If you are responsible for one or more core functions, start looking for someone to replace you. And make sure that any vital gems of information that only you know get written down in a procedures manual so that new management knows how things work.
Settle Any Outstanding Disputes
New buyers don’t want to inherit a lot of unresolved legal issues, union disputes or any other form of conflict. All these issues need to be taken care of beforehand.
If you want to buy or sell your business, contact Sunbelt Business Advisors and Houston Business Brokers. Visit us to get started.
