Are you ready to take the next steps in your career? Are you hoping to sell your business but unsure of where to begin? Follow these simple steps for selling your business for the best price and wherever you need an extra hand, we recommend you reach out to an experienced business broker for guidance.
1. Business Valuation
A business valuation is always the first step in any business sale. Why? You will need to fully understand what the business is worth to decide on a listing price. At times, it is as simple as calculating a multiple of profits.
2. Prepare Financials
That said, in order to make the business valuation an easier process, you will need to organize your financials. These two steps go hand-in-hand. In a post-COVID-19 world, this can look like week-to-week or even monthly financials, rather than the typical quarterly statements. Determining your profits and organizing your assets is a vital step in the process.
3. Find a Business Broker
A business broker has extensive experience and knowledge in both the buying and selling of all businesses. No matter the size of your business or the industry, a Transworld advisor is going to be an expert. With a little guidance, you can effortlessly sell your business to the right buyer.
4. Executive Summary
An executive summary is an outline of your business. Everything from financials to assets and inventory, this document provides answers to frequently asked questions.
5. Listing
Once you have determined the listing price based on the business valuation, you can list your business on the market. At Transworld, it will be included in a database available to vetted, interested potential buyers.
6. Negotiations
Once you start receiving offers, you will need to spend some time reviewing them. Your broker can help with this process, as they will be able to determine which offers are even worth considering. Then, you can enter the negotiation process.
7. Close the Deal
Finally, the part you have been waiting for – signing on the dotted line. Once you have found the perfect buyer and received the best offer, you can process the paperwork and hand off the keys, so to speak. A business broker will be able to draw up the necessary paperwork and serve as a neutral location for the closing and those final signatures.
Learn More About Selling Your Business
If you are considering selling your business, we make the process easy. Simply call the Transworld Knoxville office at 865/207-9454 or email {BizInfo@tworld.com}.
