Small Business Owner: How to Successfully Sell Your Company
by Martin Hansen
Whether you purchased a small business a year ago or have spent years — maybe even a lifetime — building the business, it’s critically important to have an exit plan and a process to achieve your exit goals.
Once you are ready, put together an initial plan with the following elements:
Research your specific industry: where was the industry five years ago, where it is currently, and what are the industry experts saying the future holds for the industry? Go on the internet and conduct some research.
Confirm an exit date that is no less than nine months in the future; it’s best to choose a date that is 12 to 18 months prior to an exit/liquidity event. The more time you have to get your business ready for sale, the better.
Get your business ready for a sale, which will entail two critical tasks:
- Collect the necessary business data and get it stored electronically for easy transfer to a potential buyer once you have qualified them and have executed the necessary non-disclosure agreement.
- Prepare your location(s) for possible tours or inspections, or as as they say in the Navy, get your location(s) “ship-shape”.
Now that these critical tasks are complete, you are ready to market your business to potential sellers, if you do not already have one lined up.
Good luck! For a results-driven process approach to selling your business, with a proven track record, consider managing your deal with DealMaker360.