If you own a company and have operated it for many year, the prospect of selling it can be quite daunting. One really difficult part for entrepreneurs is to separate the emotions aspects of wanting to sell with the business realities. This is why it is often advised that a business owner seeking to sell the business should being in experts like BCMS who have helped hundreds of business owners successfully sell their businesses for the right price and terms.
Engaging a company like BCMS is a smart decision and as you prepare to discuss with them your company do some things that help you gain a better understanding on the process and what you can expect. Here are a few tips.
Put Everything about Your Business on Paper
Companies like BCMS advise that any business wishing to have the best chance of selling itself, put all of the important details about the business in an easy to review document. This should include all details about the business incorporation, its history, current status, financials past and present. Future projections for the business with assumptions for those projections and all liabilities listed plainly. And you should never bury or hide and problems or issues that have occurred or are current with the business. This type of document provides and easy summary that interested investors can review without much interaction with the owner. They can then pull their questions and comments together if interested in proceeding with the purchase.
Always be Available to Potential Buyers
The aspects of your business will seem obvious and easy to understand to you and you will be able to easily decipher any details about what you have built, how and why. For others though, there will be lots of questions that only you as the business owner can answer. These questions get cannot be detailed fully enough on paper and in some cases hearing the tone and sincerity of the owner can make a great difference in the interest level of the buyer. So be sure to make yourself available to all serious buyers to answer key questions about the business. You should put parameters around how this occurs so you do not end up losing all of your time, but by making yourself available to them it makes you look more authentic and shows you are considerate of their needs.
You should also be prepared to discuss the future potential of the business. New buyers love to know where past owners think future growth will occur, so prepared to have this conversation.
Working with an expert team to sell your business gives you a professional team to help you make the sale you want. #sellsavvy