Recommendations for Getting Ready for a Business Exit
I want to sell my business Artesia. When you make up your mind to sell your business, so many questions will go through your mind. Where should you start? Are you ready to sell? How much will you get for your business? The good news is that our support can help sell fast and at maximum profit. Here are our top recommendations once you decide to sell your business.
Build a professional team
You will not be able to sell on your own. Once the thought of ‘I want to sell my business Artesia’ crosses your mind, the first thing you need to do is to assemble a team that will help with the sale. The team should include a wealth manager or a financial planner, transactional advisor or a business broker and a transactional attorney. In normal circumstances, you will have to work with at least three firms. This is not the case when working with So-Cal Business Brokers. We have the team you need under one roof.
Our business broker in Los Angeles will guide you throughout the business exit process. He will offer the advice you need on building the value of your firm and developing a price opinion. We will also help find the right buyers and bring them to the closing table. Our in-house transaction attorney will, on the other hand, support you with all the legal aspects of the business sale and contract execution. Our wealth manager will help with financial planning and help with tax implications. There is no need to work with more than one firm. We have every area covered.
Clean up your books
Getting your books in order is crucial when getting ready for a business exit. You need two to three years records of your tax returns, balance sheets, and profit & loss statements. These records will help us with business valuation. Our business broker can also use these records to help identify your business strengths and weaknesses. Your books and records will be essential in getting your business ready for sale.
Remove yourself from the operations
Yes you play a central role but for your business to be more attractive to potential buyers you will have to remove yourself from operations. Buyers are more attracted to businesses that don’t rely on the role of the previous owner to manage the daily operations. We advise that you train a manager. When your business can thrive in your absence, it will be more valuable to buyers.
How soon do you want to sell your business? Give us a call and we will help you get ready for a business exit while guaranteeing maximum profit. Schedule a consultation today to discuss the sale of your business with our experienced business brokers.