Five things to consider when selling your business is this week’s podcast episode.
Selling your business is a major life event and has a lot in common with selling your home. There is an emotional attachment to your business that you built up. Like our homes, it has memories and will influence us when we choose our buyer.
In last week’s episode, we talked about whether you are selling assets or shares, your business valuation and tax.
Now the five things that we need to take on board.
Motivation
Firstly, be clear in your own mind about the reason if you are selling. Getting the right price is as much psychology and negotiation. Are you concerned with what the buyer will do with the business? Once they take it over. Does it matter to you?
Listen to find out more
Serious buyers and time wasters
Secondly, dealing with possible buyers. Just like when you put your home on the market. Lots of people are just interested in having a nose around, time-wasters who do not have the money. How to deal with that when you are selling your business is a good thing to know.
Listen to find out more
Protecting yourself
Your buyer will wish to look at the inside workings of your business. They will wish to know about your customer base. They will wish to know about your finances. Make sure that you protect yourself and your business.
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Due diligence
No serious buyer will wish to buy your business without carrying out due diligence. Due diligence is about requiring an examination of financial records before entering into a proposed transaction with another party
What does this involve? Weill it includes getting your finances up to date ranges, paperwork in order, operational and customer information.
Listen to find out more
Distractions
Do not ignore your business while you are trying to sell it. It is easy to get distracted and lose focus. Selling your business can be an energy-sapping process. You want to make sure that the business and your team are still going strong.
Listen to find out more
What Next?
Five things when selling your business, make yourself comfortable. Sit back and listen
Even better subscribe so you do not miss an episode.
In this episode
- Understanding the importance of seller and buyer motivation
- Know how to spot serious buyers and weed out time-wasters
- Why it is important to protect yourself when selling your business
- What is due diligence and being prepared for it
- Developing your own Numbers confidence and decisions
- Take more control of your numbers to help make you money, survive and thrive
Links
https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288
https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers
https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins
https://www.stitcher.com/podcast/proactiveresolutionss-podcast
https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/