If you are a small business owner and have decided to sell, you will need to be aware of all that may be involved before you proceed.
One of the first things a prospective buyer will want to know is why you have decided to sell at this particular time. You will want to be able to point out to your buyer that the business has shown a profit in the years under your ownership and that prospects for future success are good.
Giving yourself time to get your business records in perfect order and bring a solid customer base to the bargaining table is the best way to promote the sale. If you can start planning a year or two in advance, all the better. The better prepared you are to turn over the reins the smoother the transition will go, and there can be no question about a spur of the moment decision to sell.
When it comes to an asking price you should consult with a professional appraiser. He can do a thorough evaluation of your business. When he has completed his assessment you will have official documentation of the worth of your business to back up your own estimate, and will help to discourage any attempt to haggle over your price.
If you have a buyer lined up or you’re selling to a family member or business associate you should be able to handle the transaction on your own. On the other hand it may be in your own best interest to hire a broker who can devote the time to find the right buyer while you continue to keep the business thriving. A reputable broker will want to get the best price possible for your business in order to earn a healthy commission for himself.
If you’re advertising the sale of your business on the open market it is best to attract more than one interested prospect. Make sure all potential purchasers are eligible to qualify for financing. There will be points to negotiate and agreements to be written up, signed and witnessed. Put your mind at ease and hire an attorney to represent your interests in these matters. He can make sure all documents are in proper and legal order.
Contact Parker Lawyers to consult with a business law professional. Call 303-841-9525, in Parker, CO.
