How to Get a Business Ready for a Quick Sale
Whether you plan on selling your business now or in a few years, hiring a business broker Anaheim is one of the first things you should do. An experienced business broker has sold many businesses before and will be instrumental in helping you navigate the many challenges that come with the sale of a business. You will find the best business brokers in Orange County at So-Cal Business Brokers.
After hiring a business broker Anaheim, you will need to get your business ready for sale. Here are the important things we recommend you do to improve your success and achieve the best sales price.
Settle all legal suits/ liens
Buyers will not go after businesses that have unresolved legal issues. You need to clean up any legal mess you might have. Don’t be afraid to settle for less than is ideal. Clearing all legal suits/liens will improve the value of your business. Feel free to contact us for any help. So-Cal Business Brokers has the best advisors you can get.
Focus on profitability, not debt
In a business valuation, a buyer will value your business based on the multiple of profit and not debt. Your focus from now until the time you handover your business to the new buyer should be boosting sales. Boosting your sales will increase the selling price. Remember that a wise buyer will dig into your business’ history. If you take out huge loans to buy equipment, that will be bad. You need to invest your revenue to buy equipment.
Cut costs
The idea is to show revenue that is moving up. Cutting down on costs will help with that. Weed out the unnecessary expenses. Our business valuation report will further show you your strong and weak points. You should use this report to increase profitability and improve the efficiency of your business.
Be hard to get
When selling a business, you don’t want to focus on a single buyer. You need to cultivate several buyers and create demand for your business. Competition among the buyers will help get a higher profit.
Keep it on the down low
Last but not least, you must never make it public that you are selling your business. This is the single most important piece of advice you can get. If you publicize the sale, you risk losing key clients and employees. The details of the sale should only be shared with your business broker in Orange County and on a need-to-know basis with other people.
Are you ready for a sale or getting ready for one? We can help with both. Give us a call today. So-Cal Business Brokers has the best team in Orange County.