If you’ve been toying with the idea of selling your business, you’ve probably already thought of things you need to take care of before you list your business for sale. The truth is that almost all businesses have a little housekeeping that needs to be done before they are ready for the market. By mindfully preparing your business for sale, you’ll get the best possible price with the least possible hassle. Over the years, we’ve found that sellers who follow the tips below are the most prepared when it’s time to sign on the bottom line:
Find Reputable Representation
We might be a little biased, but we believe that having quality seller representation while trying to sell your business is essential to reaching the best outcome. A reputable business broker knows your local market and can give you tips and advice to maximize your sale price. Often, a business broker may know of an interested buyer without ever even needing to list your business in the first place.
Think Like a Buyer
It’s easy to look at your potential business sale through a seller’s eyes, but if you want your business to be attractive to potential buyers, you have to reframe your thinking. Visualize yourself as a buyer looking for a business like your own. What would you want? What would you look for? What would you ask about? Write all of these questions down, then as a seller, come up with answers. Make the changes in your business that you, as a buyer, would want to see. Be ready for any potential scenario or issue a buyer could bring up. If you’re able to answer buyer questions with tact and ease, you’ll build confidence and trust that can add up to extra dollars on sale day.
Comb Through the Details
Potential buyers are going to want to go through every report, form, document, receipt, and even note that you have for your business, so it’s your job to go through them first. This is where having a credible business broker comes in very handy, as they can help you sift through the junk and identify what’s important. Make sure your financials, inventory, customer database, and everything else are complete and ready to pass on to new hands before ever speaking to potential buyers.
Get a Professional Valuation
Once you’ve made changes and adjustments to increase your business’ appeal to buyers, it’s time to get a professional valuation. Providing potential buyers with a recent and comprehensive valuation lets them know that selling your business isn’t just a fleeting thought, but an initiative that you’ve invested time and effort into getting right. It also gives you a leg to stand on with your asking price. While the buyer may still seek their valuation before making the purchase, it’ll look even better when your valuation and theirs come in close together.
The Best Business Broker in Tampa
Get one step closer to selling your Tampa business for top dollar by working with the best business broker in Tampa Bay! Pete Harrison has been buying and selling businesses in Tampa for years, so his connection to the heartbeat of the local market is unparalleled. No matter what type of business you are planning to sell, Pete will help you prepare and value your business so that it stands out among other listings. Give Pete a call at 813-469-7957, email him at buyorsell@tampabusinessbroker.com, or contact him online to get started selling your business today!