3 Items to Focus on When Getting Ready to Sell Your Business
Hiring a business broker Claremont is obviously the first thing you need to do when getting ready to sell your business. At So-Cal Business Brokers we have some of the most experienced and knowledgeable brokers you will find in Los Angeles. We only work with an in-house team that has been thoroughly screened and trained. Our work is not just to market your business; we will help you with everything from preparation to closing. Here are the three main items we believe have to be your main focus when getting your business ready to sell.
Financial documents and records
A buyer will need proof that your business is worth investing in. The best way of getting this proof is to go through your financial documents and records for at least the last three years. When you hire us, our business brokers Claremont will gather all the required documents, clean them and make sure they are well organized for buyers to go through them. We ensure that the financial records you present to buyers are not only complete but also robust.
Financial documents play the biggest role in due diligence. The most important documents any serious buyer will want to go through are your balance sheets, tax returns and profit and loss statements.
Management
Another thing buyers want to know is if your business will continue to thrive after the transfer of ownership. Businesses that are dependent on the owner are harder to sell. This is because buyers feel once the owner leaves everything else will start to fail. One of the things we will do is build a solid management team and remove you, the owner, out of the business’ daily operations. We will also help you document everything so that the new owner will be able to run your business without any problem.
We will outline job descriptions and the responsibilities of your employees. We can also help train employees to take on management roles or simply hire a manager. In our experience, the more the owner removes himself from operations the more saleable the business becomes.
Transition plan
The third thing you have to do when getting ready to sell is to develop a detailed transition plan. Our business broker Claremont will help with this. We develop a plan that guarantees employees, customers, vendors and all other parties’ progress properly from you to the new owner. Our transition plan includes full business operations.
Are you getting your business ready for sale? Give us a call today and let us guide you through the preparation process. Consultation with one of our experienced business brokers in Los Angeles is free.