The first step in selling a business involves determining not how much or to whom, but when. Proper timing can increase the value of your business by millions of dollars. It also has an impact on the quantity and quality of potential buyers, and it affects the company's ability to continue on after you sell.
Ideally, you will have a written exit plan in place that addresses these issues in detail. If not, suggests Currie, start by asking the following kinds of questions:
• When is the right time to sell?
• Do I want to stay with my business after I sell?
• To whom should I sell?
• What is my business really worth?
• What kind of help do I need?
• What are the risks involved in selling?
• What should I be doing now to prepare for the sale?
Of these, the last question may be the most important. Selling a business isn't like selling a car or even a home, where a little bit of paint or some new flowers in the garden can make things look like new. Depending on how you've managed the business, it can take months or even years to get it in presentable shape.
To read more about how to sell your business, click on the link below.