Business Brokers Orange County - How to Prepare for Business Succession Planning

Business brokers in Orange County will help you get your business ready for the sale and connect you with the right buyers. They will also act the bad guy during the negotiations. All in all, it is important to understand that you, the owner, will always play the most important role in the sale. For starters, it is your duty to come up with a succession plan. Below are some of the things you will have to do when preparing to sell your business.

Set goals and objectives

As the owner of the business, you are the only person who knows what you want from the sale and how your business should be run afterwards. The first things you need to do is to develop a vision statement, mission statement, list of guiding principles, short and longer term goals as well as identify your stakeholders. You will also have to develop a personal vision, goals and retirement goals. All this needs to be done with the help of a business broker in Orange County and long before you put your business on the market for sale. Coming up with a team of advisors to help with the succession planning effort is important.

Develop an exit strategy

Now that you have your goals and objectives written down, the next thing you need to do is to develop your exit options. Do you want to be involved in the running of the business once you sell it? Do you have requirements that the new owners will have to meet? How much time are you willing to commit to educate the new owners? Again, business brokers in Orange County will help with this step.

Get a business valuation

When selling a business, you cannot pull figures from the air and put them down as the asking price. Buyers will want to know how you came up with those figures. It is hence important that you hire a professional to help with business valuation. An Orange County business broker will help you find and obtain the relevant professional advice you need to determine the actual value of your business. You will have to determine the current value of your assets and liabilities as well as the goodwill value.

Tax considerations

When getting ready to sell your business, you will need to account for the tax implications. Hire an expert to help develop financial goals and to identify the tax implications of your current business. An experienced business broker in Orange County will help you with the planning and the implementation of a sound tax strategy to minimize taxes.

Successor training

Last but not least, you need to plan for successor training. Make a list of characteristics as well as skills that will be needed for a successful succession. A training plan will also be developed as well as a coaching or mentoring plan. Do not forget to set a timeline for the successor plan.

The above are just some of the things you need to do when you want to sell your business. The list is inconclusive. However, experienced business brokers in Orange County will guide you through the process.

Business brokers in Orange County