While hiring an experienced business broker Orange County is the first thing you should do when getting ready to sell, there is a lot more that you will have to do. In this post we will be taking a look at the important things you have to do when selling a business this year. This quick guide will not only help you sell fast but for the best price.
Get third-party valuation
For you to sell your business for the best price you first need to know how much it is really worth. While performing your own valuation is okay, it is better to get a third-party business valuation. Such a valuation will be unbiased. Business brokers Orange County have a lot of experience selling businesses like yours and will be in a better position to give you a more detailed business valuation report. The best news is that the best brokers will offer a free valuation.
Get your business in order
To be able to sell fast and for the right price it is imperative that you address any issue that your business has. This should include paying off debts, resolving legal issues, training a management team to take over your responsibilities, tackling repairs and so on. Your Orange County business broker will be able to point you in the right direction after a business valuation. This is for the simple fact that business valuations help identify the strengths and weaknesses of a business. The broker can help you know what you need to fix. What is more is that a broker knows what buyers will be looking for in a business like yours and will thus be able to help you get your business ready for sale sufficiently.
Draw up confidentiality agreement
The sale needs to be kept a secret all through. This is why you should draw up confidentiality agreements. Your legal advisor will help with this part. The idea is to require everyone that is interested in buying your business to sign the NDA. While your business broker Orange County will prequalify potential buyers, you need to ensure that you add an extra layer of protection. This is done by requiring buyers to sign NDAs.
Be clear on what you are selling
Last but not least you have to be clear on what you will be selling. The last thing you want is to win a buyer over only to lose them because you are not selling what drew them to your business. Being clear on what you are selling will also help with business valuation.