Many circumstances may make you want to sell your business. It could be because you need the cash for something else, business is declining and you want out before you start losing money or you simply want to retire and enjoy life. Your reasons don’t matter as much as getting top dollar. Here are 5 tips to sell your business fast.
1. Advertise aggressively
You can put up ads in the media or on the web. The web offers the best platform though it can sometimes be a bit expensive. Run the ads consecutively, and chances are you will get a buyer soon. The good thing about ads is that they are likely to land serious buyers because it’s the people looking to buy businesses that will scour through these particular adverts. Here is a video of some of the sites you can list your business on.
2. Identify and reach out to buyers
Look for people who are likely to buy your type of business. Personally call or email them and request them to make an offer. Arrange to meet them to discuss the business. You can even take them to your business do they get to know what they are buying and also to allow the to estimate the value of the business. Look to your competition to see if they want to add your business to theirs.
3. Have documents to be signed on the ready
Make sure you have all the agreements and contract documents ready for signing. A delayed process is likely to make a serious buyer change mind and look elsewhere. You may appear as unwilling or unprepared to give the business away.
4. Have financial statements ready and well arranged
Potential buyers will ask to have a look at them, and you need to have them ready. This will speed up their decision making regarding purchase of the business. They include balance sheets and profit and loss statements. Work with your accountant to make sure that everything is in order.
5. Suggest partners to potential buyers
You can offer to look for people who would partner with your buyer to buy the business. This way, the buyer will feel encouraged to participate because they will share the costs. But you should ask them beforehand how they would feel about it; You don’t want them to feel like you are imposing it on them, or that you are underestimating their worth.
By following the above tips, you will be able to sell your business quickly and avoid unnecessary delays.