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Selling your business is an important emotional and financial decision. Luckily, you can make the process easier on yourself and your finances by following established best practices. Keep reading to learn more about prepping your business for the market in 2022. 

Know Your Worth

What’s the first thing you do when you need to sell a car or your house? You check previous listings to find out how much the item is worth. A business is no different. You need to have a rough idea of how much your company is worth well before you put it on the market. Find recent sales of businesses of the same size and industry to find out how much you should list your business for. Reaching out to a qualified third party, like Murphy Business, for a business valuation is a great idea. The valuation they provide will give you a baseline to use for evaluating offers that come in. 

Understand Your Position

There is no guarantee that you will actually receive the amount of money you’re asking for. This comes down to a number of interrelated factors like recent deals in the industry, activities, and valuations of competitors, as well as the overall business climate. In other words, make sure that now is the right time to sell. A business consultant from a third party can help you make this decision.

Get a Good Team Behind You

If you have decided to hire a third-party business consultant to assist with the sale of your business, you still have to assemble a team. A lawyer who specializes in mergers and acquisitions can handle all of the legal paperwork required to complete a sale, as well as protect you throughout the process. An accountant who can advise you on your personal and corporate tax situation will help you complete paperwork and prepare for the future. And finally, brokers who specialize in the sale of a business or an investment banker. They will act as your intermediary through the sale of your business. 

Enhance your Business’s Value

Increasing the value of your business is easier said than done. However, you do not want to take your foot off the gas pedal as you prepare for the sale. Prospective buyers will not ignore noticeable declines in business performance. Put the renewed focus on raising profits, increasing efficiency, and expanding your customer base. Your consultants will identify the best way these goals can be achieved, and subsequently, put you in the best position pre-sale. 

We’re Here to Help!

Looking to become a business owner in 2022? At Murphy Business, we understand how overwhelming and complicated buying or selling a business can seem. Finding the right business to buy or the right buyer to sell to is a lot of work. That’s where we come in. Our experienced team will help you find the right buyer for your business or the right business for your buck! 

Contact us for more information and connect with an expert today!