Selling Business Checklist. Main Nuances and Aspects
What do you need to sell a business? Selling a business is a complex task that requires the involvement of several specialists in addition to the broker.
You may need a lawyer and an accountant, and the sale of a large enterprise will require the services of a brokerage agency with a separate sales department.
What to do when selling a business? It is imperative to take into account all the details and pay special attention to the process of concluding an agreement by choosing a reliable broker.
How to sell a business checklist
Accurate business analytics are the key to a successful sales plan
Having been running a business for several years, or even decades, when selling, many questions may arise regarding the integrity of accounting and warehouse records, re-registration of personnel and other aspects of documenting business processes. Before selling a business, you will need a detailed analysis of all departments of the enterprise, a complete list of personnel and a recalculation of all material assets of the company. It is imperative to draw up a business plan with a correct emphasis on the correctness and accuracy of all numbers. Due diligence checklist for selling a business must include all financial details and accents.
A professional business valuation will require the involvement of a broker in advance, several weeks or months before the company goes public and the sale is completed. A qualified specialist will help draw up a full report, prepare the necessary documents and will accompany the business owner throughout the entire sales process – from finding a buyer to transferring the company’s property into the hands of the new owner.
Exact sale timing
Selling a business can take an extremely long time, so monitoring your company’s current listing position is mandatory. To keep track of all current offers, you will need a broker with many years of experience. One precise call to conclude a deal – and your profit from the sale will be 10-20% higher. Urgent execution of the transaction will also be a plus to the cost – time is money. Website Closers online service shall help you to sell business as quickly as possible.
Hire a full team of specialists
Registration of the sale of a business may require the assistance of several diverse specialists. When recalculating the property of an enterprise, you will need a qualified accountant, to list the company on the stock exchange, you will need a broker, and to prepare all the documentation necessary for the sale, it is recommended to hire an experienced lawyer.
If the company is large, it is strongly recommended to form a separate team to assess the material assets of the enterprise. A small company can be registered by a private broker; when listing a large enterprise on the stock exchange, it will be necessary, at a minimum, to hire a brokerage agency with a formed sales department. Monitoring the market to find the best deal takes a relatively long time, so try to ensure that you have maximum market coverage by working only with experienced and qualified professionals.
Increasing the profitability of company sales
Company owners tend to overestimate their financial capabilities. When selling a business, many entrepreneurs try to increase the final profit from the sale by first selling part of the company’s production capacity or reducing the number of employees. Selling your business checklist should include all aspects and details of the rapid re-registration of the enterprise, a list of tangible property and personnel.
Increasing the final value of the company requires drawing up a detailed business plan, including all aspects and details of the rapid re-registration of the enterprise, a list of tangible property and personnel. Any changes to payroll in connection with the sale of the company should be made public, and all employees should be informed in advance of changes in management or company work schedules.
Risk assessment
Risk analysis and assessment is a key aspect for forming a reliable plan for acquiring profit from the sale of a company in whole or in parts. Carefully study all aspects of the market – risky offers should be cut off immediately. Also pay special attention to the relationship between clients and suppliers (if the business is sold, some suppliers may refuse to cooperate with the new management). A correct assessment of the technological value of a company’s assets can also become the foundation for finding a more profitable purchase offer.
Search for potential buyers
An experienced broker or brokerage agency can help you find a buyer for your business in just a few days. Immediately after, the choice is yours – paperwork and conclusion of the transaction are a matter of one day. Preliminary preparation may take several weeks, and in the absence of pre-prepared documents, a month. If your company has multi-million dollar turnover, then searching for potential buyers may take several weeks or months. Always stay in touch with the buyer.
