How to Get a Business ready for Sale
If you are ready to exit your business, the first thing you have to do is hire an experienced business broker Inglewood. Our team at So-Cal Business Brokers will guide you through the sale process to ensure you not only close fast but for the best price. We have the experience and resources you need to close the deal the best way. However, to make work easier even for us, there are four very important things you will have to do to get your business ready for sale.
Get relevant documentation ready
Quality buyers will require various information from you to determine if the business is the right investment for them or not. If you don’t provide them with this information promptly they will lose interest. Our business brokers Inglewood will help you identify the information you need. This information includes the following:
- 3 years of tax returns
- 3 years of financial statements
- Full documentation of monies that flow to shareholders
- List of industries you serve and income attributed to each
- The top 10 customers and the income attributed to each
- Aging accounts receivable and accounts payable
- Complete list of business assets
- Capital expenditure for the last years
- Lease agreements
The above list is incomplete. Our business brokers in Los Angeles will provide you with the complete list based on the type of your business and the type of sale you are considering. Contact us now to find out more.
Train a team to take over your responsibilities
The next step is to take yourself from operations. Quality buyers see the danger involved in buying a business that is over dependent on shareholders. You need to train staff to perform the same tasks you do. The key is to make your business independent. In our experienced, a well-trained team tells quality buyers that the business can be transitioned easily to a new owner.
Document systems and procedures
Written procedures and systems further make a business more attractive to buyers. This will aid with transition because when everything is documented new owners will be able to take over operations with ease. Our business broker Inglewood can help document your systems and procedures.
Clean up your business
The last thing you must do is to clean up your business. Start by getting your books organized. You also need to clean up the facility by taking care of damages and upgrading outdated systems. You also need to clean up your books and become current on taxes.
We understand that the sale process is a complex one thus the reason we are here to help. Contact us today to take advantage of our free consultation. We are always happy to hear from you.