Your dreams and passion helped start your business.  You have worked hard, made all the necessary changes, and took advantage of every business opportunity needed to make your business successful.  But over the years the amount of work and stress has made you think that selling your business is the best option for you.  With the global recession affecting everything, it is still a good opportunity to sell a business. You might even consider waiting until you believe the economy has recovered but there are necessary steps to consider while you prepare your business for sale.  Below are some important things to consider while preparing to sell your business.

1. Address all outstanding issues.  All businesses for sale or franchises for sale need to immediately resolve all pending issues and problems within the organization.  Be sure to speak to all business owners regarding the upcoming sale of the business.  Also to ensure a smooth transaction when you list your business for sale, have a buyer’s agreement and seller’s agreement in place before the sale is completed.
2. Organize all aspects of the business’s accounting.  Get all the financial documents updated so that the financial information presented to a potential buyer for the business opportunity or franchise opportunity is as accurate as possible.  Another important thing to consider is all the negative items on the books that will affect the sale of the business.
3. To entice buyers to buy a business consider providing finance incentives.  Work with business brokers to help identify potential candidates that might be interested in the business for sale or franchise for sale based on their financial credibility and their history in successfully running a business.
4. An important item to review with your business broker is the amount you should be asking for your business.  They will be able to provide you with a realistic view of the market conditions and at which price point you can easily sell your business.
5. Actively participate in the sale of your business.  Constantly communicate with your business broker at every state of the preparation to the actual sale.  They will be able to provide you with the marketing information necessary to attract the buyers and the proper way to answer question regarding the negative items on your financial statements.  Most importantly, once you have accepted a bid for your business, they will help you structure the final sales transaction.

While you are preparing your for the business to sell remember to keep the business running as efficiently and profitably as possible, letting potential buyers know what can capitalize on once they become the owner.

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