Getting Ready to Sell Your Business in 2019
It’s a new year, and maybe you are ready to sell your business and move on to the next adventure or this is your year to retire. Whether you are selling a medical practice, an HVAC business, or any other business, this is the time to get your business ready to sell.
Here are some steps to prepare your business for getting your business ready to sell in this year’s market.
Recap Last Year
As a new year gets underway, this is something you often do anyway, but to attract a buyer for your business, you need to recap the success you had over the past year. What was your growth in income year over year? What about profit margin, new customers, and customer retention?
Do you have a website that is working for you? Did you have a great marketing year with a lot of success? These are all things a potential buyer will look at. The more positive data you have to offer them, the more attractive your business will be for them to consider.
Besides, this recap gives you confidence that you are providing your customer with something of value. This confidence will come through as you work through the selling process.
Recast Your Books
We have talked about this before here, and often, but most business owners set up their books for the best tax advantage. When you are ready to sell is the time to recast your books, including profit and loss and cashflow. Your buyer will want to know how much money you actually make, and the potential income of your business.
Typically, unless you are an accountant yourself, you will need some professional help to do this, but it should be a simple task for your accountant to do for you. This is something you need to do before you even consider putting your business on the market.
Tax Changes the Year
There are a lot of tax changes this year, and many of them benefit small business owners. This is something to be aware of and emphasize to any potential buyers. Get familiar with the new laws and how they will benefit businesses in your industry. This can be a great selling point, letting your buyer know that this is another reason now is a great time to buy.
The idea of selling your business is to benefit both you and the seller: you get the price you want, they get a business they can continue to grow and that offers them real value. Just like selling anything else, you want to meet the needs and wants of your buyer, and a tax advantage is a big one.
No matter when you decide to sell, you will need help. This help will not only offer you the expertise of professionals who do this for a living, but it will free up your time to continue to do what you do best: run your business.
Much like you would likely not sell your home without a real estate agent, you should not try to sell your business without the help of a business broker, and the team they bring with them. From marketing your business and connecting you with the right buyer at the right time to making sure all of the legal paperwork is in order and completed properly, a business broker can save you time, energy, and money.
Have questions? Feel free to contact us anytime here at firstname.lastname@example.org. We’re here to help when you are ready to sell your business.