How to Sell Your Business? Step-by-Step Guide
It is always difficult and heartbreaking to sell your business that has been built with hard work, struggle and determination; however, some people need to sell a business due to unbearable losses or no more interest to grow it further. Some people come to light that they are not made for a specific business and they should do another business to have a mental relaxation or more profit. On the other hand, some investors really don’t care about business nature; they are just habitual of buying and selling businesses to keep their money floating in the market. That’s why; there are some certain guides about how to buy a business as well. For now, let’s check everything about how to sell your business to such investors. It may be the same feeling about how to sell a business idea to an investor who is looking to spend millions for an already established business.
How to Sell a Small Business
If you want to sell your small business for whatever reasons, make sure to follow some basic steps correctly to receive some worthy offers from the potential buyers. There is a basic procedure of selling a smaller business juts like selling a business idea to a potential investor. Before selling your small business, make sure to do following home work.
1) Fixing Your Financial History
Your financial history should be fixed and all the pending transactions or dues should be closed, so a proper worth of your business may be calculated by checking the financial history for the last few years.
2) Consulting Valuation Expert
Predicting an accurate value off your business is about business brokerage. You should consult with a professional business brokerage to give an accurate value of your business considering all the financial reports from past months.
3) Contact Brokers and Lawyers
To avoid any fraud, you must hire some lawyer and broker to make sure to get a desired worth of your business appropriately and legally, so there would be no bounce checks or refund requests in future.
10 Steps to Sell Your Business
Here are some basic steps that will guide you about how to sell a business idea or a complete business to potential investors:
How to Sell a Business Quickly?
If you need to sell your business quickly, make sure to prepare every single financial report accurately and consult with local brokers to help you out for potential buyers instantly. For example, if you want to sell your business in Virginia, contact the local brokerage firms that operate in Virginia as they have already a list of potential buyers from that area that makes the business selling easier. A great brokerage firm may also help you listing your business in a well known list of businesses for sell in Virginia. Now there are several websites that help you out in listing your business for sell instantly. They may charge some marginal fee but they are worth it. Try selling your business online via such websites like Bizzbuysell.
How to Sell a Business Privately?
If you want to sell your business to a private buyer to avoid any fee charges of the brokers or the third parties like Bizzbuysell, you should take note of following steps carefully.
- Pre-plan everything.
- Find the potential buyers from social media groups on Facebook, LinkedIn and Telegram.
- Send them your financial reports and transactions from past year.
- Ask your desired valuation.
- After getting a quote from 2-3 buyers, choose the perfect one by checking its worth and past business history.
- Make sure to deal everything legally and take records of every transactions to avoid any fraud.