{"id":789,"date":"2020-09-24T15:46:02","date_gmt":"2020-09-24T19:46:02","guid":{"rendered":"https:\/\/murphybusiness.com\/blog\/?p=789"},"modified":"2020-09-24T15:46:02","modified_gmt":"2020-09-24T19:46:02","slug":"ready-to-sell-3-steps-to-prepare","status":"publish","type":"post","link":"https:\/\/murphybusiness.com\/blog\/ready-to-sell-3-steps-to-prepare\/","title":{"rendered":"Ready to Sell? 3 Steps to Prepare"},"content":{"rendered":"

You\u2019ve spent years building your company, but the day has come. It\u2019s time to sell your business. Whether you\u2019re planning to retire, move to a different industry, or reinvest in a new company, selling your current business can be challenging.<\/p>\n

It\u2019s important to find a buyer who is ready and willing to do right by your customers, employees, and suppliers. However, there are also likely hard changes to be made. How can you prepare your company for sale and get the right buyer?<\/p>\n

Here are three steps to help you prepare to\u00a0sell your business<\/a>:<\/p>\n

1. Build Your Revenue<\/h2>\n

A buyer will look closely at how your business is trending. A growing business is more desirable and will command a higher price than a stagnating or downward-trending company.<\/p>\n

Consider creating a new sales initiative for your employees or bumping up your sales staff. Also, make sure that every dollar of income and expenses is recorded accurately in your financial records.<\/p>\n

When you have a growing business with impeccable records, your company will become much more attractive to buyers.<\/p>\n

2. Reduce Your Influence in the Company<\/h2>\n

This may be one of the hardest, but most important, ways to prepare for a business sale. You need to reduce your role in the business so that your management team can step forward. If you haven\u2019t created a strong management group, this is a great time to do so.<\/p>\n

Selling the business naturally means that you won\u2019t be there to call the shots. Someone else will be taking over. The more you\u2019ve stepped back and let others lead, the easier the transition.<\/p>\n

Employees, customers, and suppliers need a go-to contact that isn\u2019t you. Set these reporting structures up now so that when you sell, the process will be seamless.<\/p>\n

3. Turn Excess Inventory and Assets to Cash<\/h2>\n

It\u2019s easy for a company to sit on old inventory well after it should have sold. If you\u2019ve been leading the business for a number of years, there may be a lot of excess inventory in storage.<\/p>\n

Generally, a new buyer isn\u2019t going to be interested in paying for old stock, so now is the time to liquidate it and turn it into cash for your company. Get your inventory down to the level it needs to be for normal business operation before you sell.<\/p>\n

The same principle applies to business assets. If you have old equipment you\u2019re not using anymore or other assets that are gathering dust, it\u2019s time to sell them. If they don\u2019t have retail value, sell them for scrap or parts or dispose of them.<\/p>\n

Just the Beginning<\/h2>\n

These three steps are essential, but there\u2019s more you need to know. There are actually nine steps we recommend to prepare your business for sale.\u00a0Get the guide<\/a>\u00a0for free now!<\/p>\n

Once you\u2019re ready to sell, you need the right brokerage to partner with you and help you find a qualified buyer. Don\u2019t waste your time with people who are just practicing their valuations or \u201ckicking the tires.\u201d<\/p>\n

When you work with Murphy Business, we can connect you with serious, highly-qualified buyers who are ready to take action on your company. Ready to get started?\u00a0Contact us<\/a>\u00a0today!<\/p>\n","protected":false},"excerpt":{"rendered":"

You\u2019ve spent years building your company, but the day has come. It\u2019s time to sell your business. Whether you\u2019re planning to retire, move to a different industry, or reinvest in a new company, selling your current business can be challenging. It\u2019s important to find a buyer who is ready and willing to do right by … Continue reading “Ready to Sell? 3 Steps to Prepare”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31,30],"tags":[],"class_list":["post-789","post","type-post","status-publish","format-standard","hentry","category-brokerage-services","category-small-business"],"yoast_head":"\nReady to Sell? 3 Steps to Prepare -<\/title>\n<meta name=\"description\" content=\"Ready to Sell? 3 Steps to Prepare Brokerage Services\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murphybusiness.com\/blog\/ready-to-sell-3-steps-to-prepare\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ready to Sell? 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