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Selling your business is a major decision and and in order to maximise the price you can get for the time and effort you put into developing the business you need to ask yourself some questions.
Entrepreneur.com, poses 10 questions to answer when considering selling your business and the
To have your business sales ready and for it to be an attractive proposition for potential buyers you need to prepare for the sale well in advance and have at least two to three years accurate tax returns available.
Small business often run a number of “personal” expenses through the business in order to minimise taxes, expenses like car payments, home loan payments, insurance, etc. However, these payments reduce the perceived profitability of your business and should be minimised.
Selling your business yourself might reduce expenses and increase the money in your pocket but that is debatable. Consider that the buyer will normally have a number of experts (lawyers, accountants, business brokers, etc.) assisting in the purchase to ensure they get the best possible deal and it only makes sense that you also have your team of experts.
Consider the “deal breakers”, both for yourself and your potential buyers. This will often relate to essentials of the business.
Whether your business is on the up or in decline as well as the current market conditions will be vital consideration in considering the timing of the sale of your business.