Selling a business quickly is one thing; selling a business quickly while retaining maximum value for the transaction is quite another. You will need a few pointers if you are in a time crunch but you want to get the best deal. Here are the most important things you need to know about how to sell a business quickly.
How are the tides of fortune striking your industry at this time? Are things in an upswing, or is there some downward pressure on them? You must know the macro conditions of your industry so that you will know how to price your business for a quick sale. Perhaps you are leaving your industry because you see that there is a downturn imminent. Put yourself in the buyer’s shoes. Why would he want your business? You need to know.
Nothing stops a sale in its tracks more quickly than having bad books or no books at all. How can a buyer assess the health or the potential longevity of your business without being able to take a close, hard look at that business’ DNA? If you haven’t already, take the time to get an internal audit done on your accounts. Make sure that you are compliant with all local, state, and federal statutes. Close any longstanding open accounts if possible. Become as financially healthy on paper as you can.
Your buyers may not all be local. The new digital age we live in allows us to reach people far beyond our closest physical borders. Do not underestimate the power of your business across the world, even if you consider yourself to be local! You never know who may be looking to add exactly what you have to their portfolio — good business has no borders.
There is nothing better than a professional broker to take care of the red tape and the outreach when you are trying to sell your business. No one can tell the story of your business better than you, but if you can’t get that story out because of legal hurdles or a lack of reach, then what does it matter? If you are looking for a quick sale, don’t go it alone. Get the best help you can to take care of all of the little things that need to be done before a sale gets made.
When you are ready to sell your business quickly and hassle-free without giving up large chunks of your windfall, give the business broker experts at Murphy Business a try. We have years of experience navigating difficult business transactions, and we would love to put all of that experience to work for you today. You can give us a call any time at (727) 725-7090 for an initial consultation. You may also get in touch with one of our business experts by simply filling out the form that is on our website.