Ready to Sell Your Business - Liberty Exchange

Saturday November 22 2008

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ARE YOU READY TO SELL YOUR BUSINESS?

Begin by engaging the services of a professional finder like Liberty Business Exchange, then. . . . .

Follow our basic steps to make your business "market-ready".

Step One--Even though you've decided to sell your business, keep running your business as if it will never sell. Work to increase sales. Consider using a reputable sales and/or marketing company to give your sales a boost. We recommend The TransSynergy Group.

Step Two--Spruce up the facilities. A fresh coat of paint, new wall treatments, or just hiring a janitorial service can make your business more attractive to potential buyers. [link to janitorial service] Liberty Business Exchange can help you "package" your company to show it to Buyers.

Step Three--Know the value of your company. Liberty Business Exchange can provide a professional computerized business valuation to help you determine the optimum sales price for your company.

Step Four--Put your financial records in order. A diligent buyer will expect to see tax returns for three prior years, three years of financial statements, including profit and loss statements and balance sheets, in addition to current year monthly and year-to-date financial statements. After listing, a buyer may not be willing to wait for you to get your records organized.

Step Five--Organize all the documents that are important to your business. Typical sellers have building leases, brochures, lease purchase agreements, surveys, equipment leases, franchise agreements, and payroll information. A list of furniture, fixtures and equipment showing age and fair market value is also important.

Step Six--Make sure your lease has the terms and conditions that a potential Buyer will need. For example, most lenders utilizing the Small Business Administration Loan Program will require that the Buyer has the ability to stay at least 10 years in the location before funding the loan to pay cash for your business.

Step Seven--Maintain confidentiality concerning your plan to sell the business. If your employees and competitors learn that you may be selling the business, your business may suffer. Anticipating that the sale may affect their futures with your company, employees may leave or lose focus on their jobs. Transitions are smoother when employees learn of the sale after the fact, then have time to adjust to the new owners.

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