Having a trouble on selling your business? Here are some tips and guide on how to sell it.
Expand Your Customer Base
If you are dependent on one or two customers, your business will not be as attractive to a prospective buyer. If selling soon is your goal, start aggressively marketing to a wider audience. Do whatever it takes: Ask current customers for referrals; update your Web site; exhibit your products or services at a trade show. The goal is to promote your business without disclosing that it is for sale.
Engage with an Auditor
Ask your accountant to help you retain an independent auditor to review your financial statements–preferably someone with a strong reputation in your particular industry. Savvy buyers will ask to review independently audited records covering at least two or three years of the company’s performance prior to any sale.
Get Help
Surround yourself with a strong advisory team to manage the sales process, including a lawyer, accountant and perhaps a banker or other financial advisor who can take the lead on negotiations. This is not an advertorial for the bespoke-suit set: Remember that someone has to run the business (that would be you) during this often stressful and emotional period. Mind the store and let others do most of the talking.
Lock Down Your Data
This is a no-brainer, but it bears repeating. Put all pertinent financial records and other key documents on a CD, or perhaps post them to a password-protected Web site. Only give buyers access to your data after they sign a strict non-disclosure agreement. Make sure a buyer is serious before releasing any confidential information.
If you're looking for a trusted business broker that specialises in business selling, call Finn Business Sales Sydney today for enquiries.