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Hints When Selling your Business

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• 0. Selling your Business during the COVID-19 Crisis.  
 
• 1. Should I sell my business ?   Take this Quiz ....
 
• 2. Get Ready to Sell Your Business.  
 
• 3. 3 Key Considerations to Create an Effective Business-for-Sale Ad.  
 
• 4. The importance of photos in effective advertising.  
 
• 5. The Ad Title that Sells the Business.  
 
• 6. How to Choose Effective Categories for your Listing.  
 
• 7. Selling your business: ASSET sale or SHARE sale ?  
 
• 8. Some Hints for you When Selling your Business.  
 
• 9. How to Respond to Buyer Inquiries .  
 
• 10. Qualifying Buyers: Separating the sharks from the keepers.  
 
• 11. Ten things I should know when negotiating !  
 
• 12. Will I Get Top Dollar When I Sell My Business ?  
 
• 13. Prepare your Business for your Ultimate Customer.  
 
• 14. Is Your Business a Pain, or a Pleasure ?  
 
• 15. What Drives Owners to Sell & Buyers to Buy ?  
 
• 16. Frequently Asked Questions - by Jim Clark  
 
• 17. An Overview of the Business Selling Process.  
 
• 18. Recasting - a key to building value to the seller.  
 
• 19. What the Profit & Loss Statement Doesn't Tell You.  
 
• 20. How Do Buyers Determine Value when Considering a Business Purchase ?  
 
• 21. Why does Confidentiality Matter when Buying or Selling a Business ?  
 
• 22. Should You Buy an Existing Franchise?  5 Questions to Ask  
 
• 23. Succession Planning is central to selling success  
 

 
 DISCLAIMER 
 
These articles are for general information purposes only and do not constitute legal, accounting or other professional advice.  Important financial and legal decisions should be made only after seeking appropriate professional advice based on your specific situation.
 Hints When Selling your Business

by Peter Watson, Australian Business Classifieds

 
Selling a business can be a stressful time in your life.  Determining the value is one of the most important steps in the selling a business process.  Most business owners will naturally overprice their business because of the emotional attachment they have.  Overpricing a business will generate little to no enquiries and see your business sit on the market for a long period of time.  In fact, it usually sits there until the owner adjusts the price.
 
Take a look at your business from outside the circle and try to look at it from a potential buyer point of view.  This is a good technique used to give you a true and accurate assumption of the business value.  Currently you will tend to overlook what you think are minor issues, however when using this technique it is the little things that will stand out giving you the chance to get things up to speed before the sale, while eliminating negotiation tools for interested buyers.
 
Another way a business owners realizes that they have overpriced their business is when a potential buyer starts to ask questions.  A buyer will always ask for your financial records, profit and loss statements, expenses, stock value etc.  The owner will be forced to justify the asking price and when they fall short, it could be an embarrassing situation.  It is always advised to hire a professional business financial analyst to determine what your business is worth.  This small investment could end up saving you thousands of dollars in the long run.
 
The true value of a business for sale is what a potential buyer is prepared to pay, otherwise known as "market value".  However they usually have their bargaining hats on when they start negotiations.
 
Having a minimum of 3 years worth of financial records available and updated for interested buyers is recommended.  Providing this information along with a business and budget plan and a complete list of customers and employees will show buyers you are organized and your business is organized.  Make your business stand out and include your services for a 1 or 2 week period for the hand over of the business.  Once again this will show the buyer that you run a professional organization while giving them comfort and piece of mind that you will help with the transition.
 
Have legal documentation ready for each individual party to sign.  This is a confidentiality agreement between you and the potential buyer, which will keep things above board.  By this I mean it will stop the tire kickers from wasting your time and more importantly it will keep competitors away who are trying to have a spy on your operations.
 
When advertising your business for sale, make sure you notify all staff members first.  Losing the trust of a staff member could affect your sale.  The new business owner doesn't want to lose staff before he takes over.
 
Businesses are placed on the market every single day, but businesses don't sell everyday.  You have to work at it and make sure you fully research 'Selling a Business' before you decide to place your business for sale.  Following these simple guidelines will assist in a quick and smooth sales process.

This Article is copyright © 2008 Australian Business Classifieds
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