How to sell a business?
In this article we will give advice to the owners of their own business on how to successfully sell the business, what you need to know. The first thing to do is to understand whether it is possible to sell your business in this economic situation. Will he find a buyer, how much demand? If you are confident of positive answers to these questions, then we are ready to give you practical advice on how to sell a business.
To find a buyer, first of all, you must interest him. Make a list of answers to the following questions, which can be a plan for your actions:
- Determine whether you are selling a ready or existing business. Further actions depend on it. But you will read about it below.
- What problems are you selling a business for? If for personal reasons or because of benefits, then this is normal. If, due to problems in the business itself, then you need to conduct a pre-sale campaign. This is necessary in order to buy a business. If the buyer finds an error, he is unlikely to get it, because any businessman needs a business that will bring him more than he will give you for the purchase.
- Determine what values and benefits your business carries, who will be interested in, what is your minimum price and for how long you want to make a sale and purchase transaction.
- Also find out if your partners agree with all the conclusions.
Further your actions should be directed to finding a buyer. There is no one selling method, depending on how quickly you sell the business you want. We describe the main methods.
- Start a search among your acquaintances, friends and partners. The advantages of such a sale method are that you can sell a business quickly and without the cost of additional services. The downside is that the potential buyer will know you well, and therefore not only the advantages, but also all the disadvantages of your business.
- Post an ad in the newspaper and in other media. This method will be effective for small businesses. The disadvantages of this method are that you can only sell what you need to a specific person who is looking for a purchase in a newspaper. If your business is complicated or uncertain, then it will be difficult to find a buyer, especially since such people do not read such newspapers.
- Place an ad on the Internet the most popular way.It all depends on your luck, and from applicants. Negotiations will be long, you will need to meet more than one person.
- The most effective way is to contact business brokers. These people know better than you how to quickly sell a business, to whom and for how much. Most often, brokers have a base of investors, and the sale of your business can take only hours.
How to sell a ready business
Any buyer wants to invest in such a business, which as soon as possible will bring him a profit and return the money spent. Following the following tips, you can interest the buyer, bring order to their own business and reasonably establish a decent price.
Hire a business broker. Nevertheless, in our days, one cannot do without it. Especially if you are going to sell a ready business. Then you should increase the profits from the business in the last few months before selling. This is necessary in order for the buyer to see what he himself will have in consequence. How to do it? Reduce material costs, reduce wages, save on investments, work for a profit. After all, increase your working hours.More detailed techniques related to finance will be prompted to you by a business broker who will do everything for you. Next, you need to conduct a good advertising campaign. To buy a business, someone should know about it. The most difficult, the final touch - to put in order all the papers. Probably, it is not a secret that management accounting is not always honestly compiled and does not always reflect reality. And the last action - it is necessary to show that the business brings income, that it is popular. Increase popularity will help effective marketing ploy.
How to sell an existing business
An operating business is usually sold for good reasons. If you decide to part with a case that could still bring you profit, you must complete the following points:
- Do not inform your staff that you will no longer own the business. This will help avoid frame leaks. It often happens that employees refuse to work in new conditions and quit their jobs.
- Repair the premises and equipment. After all, the new owner will bypass the territory and wants to see order.
- If your business has any loans, then they need to be urgently repaid.
- Also put in order all the documentation.
- Correctly make a sales transaction. In the process of the transaction, all the necessary people must be present: lawyers, partners and others.
Valuation is a major factor in how to sell a business. The assessment should be made in the form of characteristics, and taking into account negative factors, all documents. Remember that you can not deceive, be honest, and you will definitely find a buyer. Register separately the duties of the future owner, so that the new person understands what he will be required to perform. You must provide full information about your business, perhaps, make a business plan so that the buyer can pay attention to profitability, scale or schedule of profitability for the month, or year. In general, for a successful sale, the main thing is to interest the buyer.
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