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3 Tips To Consider When Trying To Sell Your Business

22 February 2017 by Andre George

Are you ready to move on from your small business? Whether you are looking for help selling a chiropractic practice, restaurant, or small goods shop, there are a number of things you are going to want to take into consideration before you move forward. Here are three of the first things you should do upon deciding to sell your small business.

Be Honest With Yourself About How Attractive the Business Is to a Buyer

First things first, why are you selling the business? If you are selling it because it hasn't been that profitable for you or it requires very long hours every week, stop and consider whether or not that's going to be attractive at all to a potential buyer. When a buyer goes looking to purchase an existing business, they are going to want to see things like increasing profits and consistent paychecks month after month. If you can't offer that yet, then going through the trouble of putting your business up for sale probably isn't worth it just yet.

Get a Business Valuation

If you know your business is profitable and you have the income statements to prove it, the next step is to decide just how much you want for your business. But remember that how much you want and what your business is actually worth might be two different figures. One way to come to terms with this dilemma would be to hire an official business appraiser who can take a look at your company and your industry at large and give you a rough figure of how much you are worth.

Hire a Professional Broker

Finding the right buyer for your business may take some time, especially if you want to make sure the business will be handed off to someone who shares your values or someone who will continue your success. Every day that you spend time looking for a buyer or negotiating with someone is potentially time that you are taking away from continuing to run the business. If this goes on for a while, the distraction might actually cause your business to start losing value because the owner hasn't been around. But today, you can hire a professional business broker for help selling a chiropractic practice, restaurant, or any other kind of business. This person will seek out buyers for you and only come to you when a good offer is on the table.

if you are looking to sell your business, first get your financials in order and make sure the business is attractive to others. Then, get an official appraisal of what you are worth and consider bringing on a professional business broker to handle the sale for you. In the meantime, don't neglect your business if you want to get the maximum offer possible.

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