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Selling Your Business
(english version)
If
your business has been a success, you've probably had to pour most
of your time, energy, and money into it for what may seem like
forever.
You may see your company as an extension of yourself, and it may be
hard to even imagine life without it.
In some cases your entire family may have depended on the business,
discussed it endlessly around the dinner table, used it as an
education and a proving ground for the children, and practically
made it into another family member!
On the other hand, your business may have been
only marginally successful, and something you can't wait to get rid
of. Or, perhaps you entered into the business with the idea that it
would be a short-term opportunity and that you'd sell out whenever
you got a decent offer.
Whatever your situation,
selling your business will be one of the most important things
you'll ever do, because unlike virtually every other business
decision you've made over the years, you'll only do this once.
You'll come out way ahead, both financially and personally, if you
make an effort to understand the steps in selling, formulate your
plan carefully with the help of your business broker, and, when the
time comes, take the time to negotiate a price and terms that
satisfy your reasons for getting out of the business.
Even if you think you're many years away from selling out, you
should consider what your heirs or successors would have to do if
you died unexpectedly. If you don't have a workable exit strategy in
place, you (or your heirs) may have no choice but to liquidate the
business and sell off the assets piecemeal; getting nothing for the
goodwill you've built up over the course of the years.
Very often a business owner wishes to sell their business because
they are no longer excited about it or it doesn't challenge them
anymore. Some people want to sell to free up the time and capital to
start a new venture that has greater growth potential going forward
vs. the current business. Selling a business almost always opens up
new doors and allows the owner new challenges for a greater payout.
This is clearly the case for sellers under age 55 who are not ready
to retire.
10 Steps to a Successful Business Sale
Selling your business is not an every day
occurrence and most owners may only do it once in their lifetimes.
Make the sales process easier by
considering the following steps:
1. Price your business realistically
There's no simple formula for pricing a business, but if you don't
keep the price tag realistic you won't sell it. Typically sellers
are caught up emotionally in the business and think that their
business is worth more than it is. Determining the value of a
business can be complex and it's wise to seek a professional
business broker or appraiser to help you in the process.
2. Have your books current and in order
You
never know when a prospective buyer is going to turn up and express
interest in your business. Make sure that all your financials are up
to date and that everything is in order. Be prepared. Poor
bookkeeping has hindered many potential sales.
3. Keep your premises ship-shape and clean
Selling real estate and selling a business have a lot in common.
First impressions count. Give your business 'curb appeal'. Clear
away any clutter that has accumulated and get rid of the dust. Tidy
up the office and storage areas and make the place look fresh and
clean. A coat of paint is inexpensive and does wonders. Make repairs
to the building indoors and out. Don't let a shabby appearance
discourage a sale.
4. Sell when times are good
The
best time to sell is when the economy is humming along, your
particular industry is in demand and when your business is turning a
healthy profit. In this kind of economic climate buyers are
motivated to buy. If you know you are going to sell at some point,
keep an eye on favorable economic conditions and pick your time
wisely.
5. Hire a good broker
A good
broker will more than make up their fee in a better price for your
business. Selling a business is a once in a lifetime event for most
sellers. Brokers do it all the time. They have all the skills and
know-how to find qualified buyers and to help you make the right
decisions. It is best to chose a broker with great "national" reach
for buyers. This will always give you the greatest exposure and the
highest offers, especially if you live in a desirable state.
6. Perform a calculation of your net pay or
"cash flow"
At the
end of the year when you add up all the money your business brings
in and deduct all the money you have to pay out in expenses to run
the business, what's left over is your net profit or pay for tax
purposes. Buyers are very interested in this bottom line. This
included you salary, depreciation, debt payments and personal perks
you get.
7
. Before you close
Before
you close on the sale enlist the services of an attorney and a tax
accountant to structure the best deal for you.
8. Get to know your buyer
Knowledge is power. The more you can find out about the buyer the
better chance you have of discovering what 'buttons' to push.
Knowing what's important to a potential buyer means that you can
focus and highlight those aspects of your business in an attractive
light that appeals to the buyer's agenda.
9 . Offer to provide buyer
training
Buying
a business is a big step, and all buyers want as much assurance as
possible that the business has the potential to succeed. Offering a
buyer training and support after the sale closes can give the buyer
just the confidence he needs to move forward. This kind of 'hand
holding' can mean the difference between selling or not.
10. Confidentiality
Make sure that you minimize the chance that employees, vendors, and
customers will know you are selling.
Choose a broker
that can protect for this.
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