- September 23, 2016
- Posted by: admin
- Category: Business plans, Competitive research, Exit Planning
We live in a culture where selling anything is getting more complicated every day. When the sale is for a small business, there are a number of things you need to consider, and a lot of pitfalls to avoid. Is the time right to sell your business? Why are you looking to move on? Do you have a proper exit strategy? These are just a few of the questions you’ll need to consider. Read an overview of how to complete a business sale, the things you’ll need to consider and how a Nevada business consultant can help.
Nevada Business Sale and Curb Appeal
When you sell a home, a concept called “curb appeal” is all important. This means you stage the property to put its best foot forward, making it attractive to potential buyers. The same goes for a Nevada business sale.
Make sure that you have a plan in place for increasing profits, that you can demonstrate consistent income and a strong customer base and that you have solid supplies and business contracts which will continue on for several years. All of these are aspects that potential buyers will look for before making a move.
Timing and Preparation
Prepare for your sale at least a year or two before you start the process. The more preparation you put in, the better off you’ll be. It’s likely going to take up even more of your time and effort than ever to build the business into saleable shape, but the smoother you can get things running and the more transparent you can be, the better value you’ll get from a sale.
Get your financial statements and your tax returns together for the past several years. Review them to make sure there aren’t any errors or suspicious elements. Pull together all transaction records, supply orders, paperwork and lease information. You’ll need these to present to buyers.
Get a Valuation
Understanding the real market value of your business is essential. It allows you to bargain from a point of strength and get a better offer. While you can take steps to do this yourself, it’s always a good idea to turn to a professional valuation and brokerage firm for help. That way you know you’re getting the most accurate numbers possible.
Calling a Broker
No matter how prepared you are, there are bound to be issues that you miss and details you overlook or simply don’t understand. A professional business broker can help you get the maximum value out of your business, connect you with buyers and help you with every stage of the sale from preparation to valuation to listing to marketing and final negotiations.
If you are looking to sell your Nevada business, don’t join the 80 percent of businesses that fail to sell due to lack of readiness and preparation. Review Schwartz Strategy and Valuation’s business sale services and get in touch with a business broker and broker-salesperson, Jamie Schwartz, at (702) 278-1346 for more information.