Are you thinking now is the best time to sell my business Ranchita? If you are, there are a number of things you will have to do to get your business ready for sale. In this post we will be focusing on the things you should to package the business properly, how to smooth the sale process and how to achieve the best price. Let’s get started.
Ensure your financial records are in order
Buyers will always pay the most attention to your financial records. As you get ready to sell my business Ranchita, the best thing you can do is make sure all your records are up to date. You should be able to provide all the request financial information with ease. When getting the records ready, gather all your financial statements for the last 3 to 5 years. Your business broker can help you know what to focus on.
Secure intellectual property
A business that has intellectual property is more attractive to buyers. This is because such a business offers something that cannot be found anywhere else. That is why as you get ready for the sale you have to secure your intellectual property. Check the trademark for your company’s name and logo as well as other valuable business assets. All these should be secured in order to be included as part of the sale.
Update your systems and procedures
A business that has systems and procedures that are well documented is more attractive to buyers. This is because the new owner will be able to take over operations with ease. As you get ready to sell your business, review and update all your procedure manuals, policies and training documents. If you don’t have this information documented, you need to start creating them before you get your business listed.
Check the lease
If you don’t own your business premises, now is the best time to check the terms on your lease. Is the lease transferrable? Talk with your landlord about this. You also need to extend the lease for a longer period so that the new owners will not be forced to relocate as soon as they take over your business.
Review employment contracts
Buyers want a business they can purchase and start operating right away. The employees that are in place play a very important role in this. As you get ready to sell my business Ranchita, you need to review your employment contracts as well as accrued entitlements.
The above list of things to do before you sell your business is not complete. There is a lot more you need to do. Working with an experienced business broker in San Diego will ensure you cover all bases.