by Deborah Sweeney | Featured Contributor
There are lots of reasons to sell a business. You could get a great offer you just can’t refuse, you could be reaching an age of retirement and feel as though you’ve accomplished everything you set out to do, or the money could simply run out and the only good choice you have left is to sell. Whatever the reason, there’s a right way and a wrong way to sell your business. For something you poured so much of your heart and soul into, you want to make sure that your business is seen off in the best way possible.
Here are three things to keep in mind to maximize your profits and do your business justice:
Talk to a professional.
As much as you don’t want to have to fork over any more money to someone to help you sell your business, a financial advisor or broker can be invaluable to the selling process. You built your business from the ground up, of course you think you’re the most qualified to sell your business- you know it inside out! But it’s their job to get you the most money possible. Their commission is riding on the transaction as well. They’re going to do their absolute best because it’s not just for you and your business, it’s for them. In the end, the extra money that a financial advisor or broker can earn you will more than cancel out the money you spent on hiring them.
Plan, plan, plan!
As simple as selling a business may seem in theory, there’s a lot that goes into the process. And even though you probably view yourself as the expert of your business, there’s still a good amount of research and prepping that needs to be done. Your potential buyers will want to take a look at your lease, tax forms, balance sheets, permits, and other information regarding the state of your business. Be sure to have all of this on deck along with a clear explanation as to why the numbers are the way they are. With all of this paperwork to get through and organize, I suggest starting to research and organize up to six months prior to actually putting your business on the market. You don’t want to be scrambling at the last minute, in front of your buyers, to find and present the necessary paperwork.
Be confident, but not too confident.
It’s perfectly fine and normal to be proud of your business. You built it all on your own and you know what it’s truly worth. That being said, no one wants to buy from the cocky guy. Saying that your business is worth way more than it really is not only makes you look cocky, but it also makes you look like you don’t have any educated idea about what the current market is like. Just remember to do your research, gain valuable opinions, and be realistic.
Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA
As CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.
Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites. She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.
In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.and Buy More Shoes! After reading my book people kept asking me what they needed to do next. How could they get training? That’s when I became the Founder of The Mine System Of Learning. I wanted to produce courses to help people gain or sharpen their skills so they could claim ownership of their business and say, “Yes! It’s MINE”!
My second book: The Secret Equation To Attracting More Clients – Marketing + P Factor + Video = $$$$ helps businesses find out what makes them different so they can stand out from the competition and attract more clients.
As an Award winning Videographer and Photographer I’ve been published in such places as DIY Bride, Kiss My Tule and the Florida Wedding Atlas. My video expertise has been featured on The American Express Open Forum.