5 Things to Do Before You List Your Business
When you want to sell my business Inglewood you are definitely aware of the key things you have to do to get the business ready. Our in-house team of business brokers at So-Cal Business Brokers is happy to help with preparation. Some of the things we advise you do include getting all documentations ready, training a team to take over your responsibilities, document your systems and procedures among other things. There are five more addition things you have to do to be sufficiently ready for the sale.
Cleanup your business
If you have done your research on how to sell my business Inglewood, you definitely know that first impressions matter. Buyers will judge your business long before they look at your books. The last thing you want is to scare off a buyer simply because you never took the time to take care of repairs. When it comes to cleaning up your facility we recommend that you put in some work to improve curb appeal. Handle the repairs and upgrade your systems where necessary. You also need to clean up your inventory and books. These simple steps will help increase a buyer’s interest in your business.
Become current on taxes
Buyers will want prove that your business is current on its taxes, payroll and other financial obligations. If there are issues, you need to get them cleaned up to avoid problems down the road. Our business brokers in Los Angeles will help you get your business current on taxes. We do this to ensure your proceeds are not stuck in escrow simply because you haven’t cleared certain documentations.
Understand tax consequences
Understanding tax consequences will help plan your future accordingly. This is because you will know how much you will end up losing to the taxman and what you can do to reduce this bite. At So-Cal Business Brokers we have sold many businesses like yours and we understand tax consequences better than you. We work with CPAs to ensure you sufficiently fund your retirement from the sale.
Establish a post-closing role
What do you want to do after the sale? For how long are you ready to stay on consulting with the new owner? You must establish your post-closing role to help us with negotiations.
Last but not least you need to prepare psychologically for the exit. The emotional aspect of selling your business can be challenging. Preparing mentally for the exit early will help you fair better. Our business broker in Los Angeles will help manage your expectations.
At So-Cal Business Brokers we want to help you sell fast and for the best price. We have your best interest at heart as you sell my business Inglewood. This is mostly when you consider you only pay us a success fee after closing. Contact us now to take advantage of our free consultation.