Business broker Orange County is continually involved in the sale of a business. He is the person responsible for marketing, buyer qualification, negotiations, maintaining confidentiality and so much more. Whether yours is a small business or a large one, it is always good to start by hiring an experienced broker to help you with the sale. The purpose of this post is to educate you on the steps you should take once you make up your mind to sell and close your business.
Come up with an exit strategy
Whether your goal has always been to sell your business or you just decided to sell it, it is good to start by coming up with an exit strategy. This is because not having a clear exit strategy can make it hard for you to predict the outcomes. Needless to say, you need to involve a business broker Orange County in this step.
The exit strategy is basically a formal statement of your personal, financial as well as business objectives. It has clearly set objectives which form the framework of your exit strategy. The strategy should have:
- Specific exit date
- Plan of maximizing the sale price
- Strategy of ensuring your family’s financial future
- Process that determines if the business will be transferred internally or externally
- Description of the roles you should play during and after the transfer
Determine the salability of the business
How fast your business ends up selling will depend on how customers think of it. To get the business ready, it is imperative that you take the time to look at it in the eyes of a buyer. Buyers mostly consider the solvency, profitability, market position, employees, management and customer base. Your goal should be to correct the negative side of your business so that you can make it as attractive as possible.
Determine the actual value of your business
This is the step in which you will need the help of assess to help with business valuation. Although it is the seller that sets the price, that price should not be coined from the thin air. It has to be based on data. A business broker Orange County can help you find a reliable appraiser or even help with the valuation. Buyers will want to see the business valuation report before they make their last choice.
Stay focused
Just because you are selling your business does not mean that you should cease all operations. For your business to sell at the best price, it has to remain operational. That is why you should leave the marketing part to the business brokers Orange County so that you can focus on the core operations of your business. A good business broker will further help you manage your expectations.
The sale of a business involves a complex and involving process. There is little margin for error. You will seldom get a second chance to correct a mistake you make. This is why working with an experienced business broker Orange County is one of the most recommended things to do.