Selling your business is a process. While every sale is different, there are several stages that most business owners go through when they sell their business.
First, an owner makes the decision to sell his/her business. For some owners, selling is an easy decision. For others, the decision to sell takes more thought and effort. Second, an owner needs to prepare the business for sale. This means the owner organizes documents for easy transfer and ensures that all financial statements are in order. An owner will likely need to do some maintenance on their business as well, making sure websites are current and physical spaces are clean and tidy. Third, an owner determines who will sell their business, either a broker or the business owner. Fourth, an owner makes sure that sales materials are thoughtfully developed for the sale. She/he either develops the material, hires an outsider to develop them or reviews the work for their broker. Fifth, the business is advertised on business for sale websites. Six, the seller or broker begins to manage leads, which are inquiries from potential buyers. Seventh, the seller or broker manages offers that come in. The eighth step in the process is the due diligence phase where the potential buyer verifies all the information they received during the sales process and makes sure that they are ready to buy. The final step, step 9, is a closed sale.
As you can see, selling a business is a process involving many steps. Some sellers are very capable of managing this process for themselves while others do better with a trusted business broker. For all sellers, the main thing is to understand that selling is going to take some time and there will be a series of parts. Knowing where you are in the sales process can go a long way towards relieving some of the anxiety that comes with a sale.
Reach out to us to schedule a discussion about your business. We can help you understand the sales process and give you the tools you need to decide how you want to sell your business, when the time comes.
