You’ve made the tough decision: you are selling the business.
Now comes the hard part: how?
- Get your business ready
From the moment you decide to sell your business, achieving the highest value for your business possible is your primary mission. Your preparation, before you try to sell your business, can go a long way toward supporting the value you hope to achieve. Any interested buyer is going to do significant “due diligence” (investigative research) on your business. What will they find? A prepared seller who has their corporate documents and company agreements organized and in place often fares much better than a disorganized seller who cannot find critical contracts or corporation’s stock table.
- Assemble Your Team
Depending upon the size of the transaction your team might range from as small as you and your accountant and attorney to a large team of advisors, investment bankers and management. A successful sale requires having the right players on the field implementing your plan.
- Identify the Potential Buyers
The best source for names of potential buyers is often the current owner. Who has expressed an interest? Who might be interested for strategic reasons? The next best source is a qualified investment banker with a great network and a plan.
Selling your business can be a long, challenging experience. You can make it to the finish line (and the closing dinner celebration) with a plan.
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