Hiring an experienced business broker Orange County is the number one thing you should do when getting ready to sell a business. The broker will guide you through the sale process and ensure you close the deal fast and for the best price. In addition to that, there are four very important things you must do before getting the business listed.
Clean up your records
Business buyers will be more interested in your business records than anything else. Your records are what enable the buyer to determine if your business is as valuable as advertised and if it will guarantee a return on investment. With that in mind, you need to gather all relevant business records and get them organized. The reason for this is to win the confidence of a potential buyer as well as smooth due diligence. Your business brokers Orange County will help identify the records you need and help you present them in a clear manner.
Fix business flaws
With your business records in hand, it will be easy for you to identify the areas in which your business lacks in. Now is the best time to fix fixable flaws. Start by paying debts, resolve legal issues, update your systems, fix your premise and hire the right employees. The more flaws you fix the less cards the buyer will have to use against you during negotiations.
Get an independent valuation
The most important thing you should do when getting ready to sell your business is to get an independent business valuation. You will not be able to sell your business for maximum profit if you have no idea how much it is really worth. It is also by knowing how much your business is worth that you will be able to determine if now is the best time to exit or not. In addition to helping with business valuation, a reliable business broker will help with pricing, market review and packaging.
Create an exit strategy
Last but not least, you need to know exactly how to wind down your involvement in your business. The purpose of an exit strategy is to describe the steps that you have to take before, during and after the sale. Your exit strategy needs to detail your plan on how you will sell and how the decision will impact your personal finances.
While these are not the only steps you need to take, they will certainly help you get started in the right direction. The best thing you can do is hire the best business broker Orange County to guide you or take over the sale.