| It could be that the time has come to retire or | | | | your potential buyers, I recommend that you |
| you are trying your luck in other field that's why | | | | screen them first just to make sure that they |
| you decided to sell your business. Let me help | | | | are really interested. There are some instances |
| you make the whole process a lot easier through | | | | that competitors are sending representatives just |
| these 5 latest ways: | | | | to get insider scoops and you don't want this to |
| 1. The first thing that you need to do is to make | | | | happen. What you can do is create a criteria that |
| sure that you are 100% sure that you can let go | | | | every buyer must meet before you give them |
| of your business. I know this is a no-brainer but | | | | your precious time. Make sure that they have the |
| there are quite a few people who are having a | | | | capability of buying your business to avoid wasting |
| hard time selling their business and they back out | | | | your time. |
| during the negotiation process. This leads to | | | | 4. Prepare ahead of time. Aside from preparing all |
| waste of time, money, and energy. You don't | | | | your business' documents, it would also help if you |
| want this to happen to you, do you? | | | | can anticipate all the questions of your potential |
| 2. Hire an experienced appraiser. You will need to | | | | buyers. One of the questions that you must be |
| do this to know the real value for your business. | | | | ready for is "why are you selling your business?" I |
| To make the job of the appraiser a bit easier, | | | | recommend that you tell the truth but choose the |
| prepare a statement of your income and | | | | words that you are going to use. |
| adjusted balance sheet that shows your business | | | | 5. Choose the best buyer. If you are just like |
| last 3 years tax returns. You can hire an | | | | other people who have become somehow |
| accountant to do the legwork for you. Your | | | | attached to their business, you would want the |
| balanced sheet must contain adjustments to add | | | | best person or corporation to acquire it. You may |
| back your depreciation deductions, salary, | | | | ask for the reasons why buyers are interested to |
| contributions, interest income, interest expense, | | | | acquire your business so you can make the |
| and other items of income and expenses. | | | | process of choosing the best one a lot easier for |
| 3. Meet with potential buyers. Before meeting up | | | | you. |