Perhaps you’ve never had such a plan, but for some personal reasons are forced to consider selling your very own business now. And even if you’re not interested in selling your business, one thing is for sure and most experts agree on this – it’s always a good idea to be prepared, for it can take quite a while to finalize a successful sale.

But how to make your business attractive to potential buyers? Read on to find out

1.Business valuation – it is never too early for an expert appraiser to valuate your business. This provides an objective state of matters in your business – first, how much it is worth at the time of valuation, and it also provides info on how you can improve its value to make it more attractive for sale. Having this report also saves the potential buyer the expense of doing it himself, plus it shows transparency and credibility.

2.Exit strategy – to land a sweet deal, you must devise a decent exit strategy, a plan to make your business sustainable after you transfer it into the hands of your future client. For, before purchasing a business, every potential buyer wants to be rest assured that the business will continue to run smoothly even without its former owner.

3. Financial records – nobody wants to invest in a business whose financials are not in order or are incomplete. So, before you even start considering selling your business, make sure to organize your financial records. It is not a pack of cigarettes you’re selling under the counter; it’s your business, so have your balance sheets and profit and loss statements in order ready to be shown to your prospects.

4.Business broker – before you announce that you’re selling your business, consult a business broker. Make sure to check his record, though. This means that you should opt for a professional who’s had experience with selling businesses within your industry and who has a good closing ratio. Be sure to ask anything you want to know about the transfer – ask about his strategy when it comes to marketing and selling a business, look for testimonials and referrals within your industry. Your broker should be competent to advise how to organize your business sale to get the maximum return.

As said above, it is not just some random item under the counter that you are selling; it’s your business and you wish to gain the maximum return from it. So, have everything thoroughly and timely thought-out BEFORE you enter the process.

Speak to the experts at Shoebox Bookkeeping on some of the things you may need to consider when purchasing a business around the financials.