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When you’ve made the decision to sell your business, you’re just starting a process – one that can make a severe impact on your life. Of course, it’s also a new beginning, which brings excitement, anxiety, and even some second guessing.

The secret to a successful sale of your business is organization. If you start out with a comprehensive checklist and plan, you’ll encounter much less stress and an increased feeling of achievement.

No one likes when their environment and life are out of control.

Just creating a checklist and determining what you need to take care of and what tasks to leave off can seem overwhelming. 

This checklist will make it easier to get started, establish milestones, and indicate areas where you may need to do some research and work to get all of your affairs in order.

What Are You Offering?

You need to begin with an offering portfolio that displays all of the positive aspects of your business, and convince potential buyers that this is the right move for them. Look back to when you began your business or purchased it – what were you looking for and what were factors that made you think twice?

The point here is to sell your business – that means looking at it from every angle – not just how financially valuable it is.

Address factors like:

• Company culture
• Brand strength
• Target audience and demographics
• Number of employees
• If applicable: equipment and machinery
• Competition
• Product or service
• Mission statement

Finances

This is a crucial part of your checklist and one that may require professional help like a financial advisor or accounting firm. While it may be an expense, the payoff will come when you sell the business quickly and for what it’s truly worth.

Information to include:

• Financial statements for a period of 5 years
• Tax information
• Loans you are currently paying
• Upkeep costs
• Past performance
• Forecast for an appropriate time period

Marketing and Communication

Unless you have an interested party already secured – and don’t forget that nothing is final until a contract is signed – you need to market your business. Remember to remain professional and list out benefits of owning your business.

Decide if you want to purchase ad space and where your money will best be spent. Industry journals are a good start. The internet is another valuable resource, but you want to place your ads in the right mediums: your website, social media, and emails that are impactful.

The key is not to oversell because it can be seen as desperate. Remember to schedule your ads and take a measured approach. 

Work with a Business Broker

Your checklist should also include working with a business broker. Murphy Business Sales has the experience and knowledge that can make this process less stressful and more profitable. 

Our team of brokers have spent years selling businesses and partnering with owners who are looking to take a step in the next direction.

Thanks to our established network that includes the entire country and sources around the world, we can identify the right buyers and investors who are looking to own a small business that’s a worthwhile investment.

Contact us today to get a professional partner who knows how to sell your business – we’re ready to help you.