Selling a business is not the same as selling a house. The stakes are higher, the investment is greater, and the buyers have a lot more questions for and expectations of the seller. It is not a task you want to tackle on your own if you want to receive the best price and most favorable terms for yourself and your business.
The Orlando business brokers at Crowne Atlantic Properties have been providing help to those selling a business in Florida since 2004. Our team is experienced, respected, and valued by the business community for our expertise and professionalism which begins the moment you contact us to sell your Florida business.
The first step in any sale is getting the business ready for selling. Below are some of the steps you’ll need to accomplish in order to sell your business with Crowne Atlantic Properties.
First Steps in Selling a Business
Properly preparing a business for sale is essential to maximizing the value of the business when sold. Here are some of the most important steps you’ll want to complete to obtain the best price for your business sale.
- Clear Financial Records. Take the time to prepare your financial records and lay them out as clearly as possible to make it easy for buyers to see the profits or profit potential. We can guarantee that businesses that demonstrate profitability will obtain a higher price 100% of the time!
- Clean Up Your Inventory. Create a clear and concise listing of your existing inventory and get rid of old inventory.
- Complete Financial Records. Buyers don’t just want to see the bottom line or a P/L statement. Gather all of your financial records including: P/L statements, W-2s, 941s, 1040s, and balance sheets. Anything that provides a glimpse into the financial health and obligations of the business will assist in valuing the business and closing a sale.
- Visuals Help. If you are able to produce charts or graphs to better explain income streams, your customer base, supply chain, etc., do it. All of those items are useful to buyers in helping them make decisions and some buyers prefer to see this information in a visual format. Make it easy for them to see the advantages of your business.
- Think Like a Buyer. It can be extremely helpful to put yourself in the buyer’s shoes and consider the business from an objective standpoint. What would you want in a business and would you want your business? Why or why not? Consider the answers to these questions and be honest with yourself about the value of the business relative to your asking price. If you were the buyer, what would you want to see to make this evaluation?
- Keep it Clean. Just like residential properties, businesses also have “curb appeal”. Cleanliness and maintenance matter. Remove personal items and clean up the business property if it needs it. Add a coat of paint, replace dated or broken furniture. Don’t forget to clean up your online presence too. Update your social media accounts and websites with fresh content or images to make the sites look current and active. All of these things help make the business look presentable, viable, and professional.
- Get Help From Your Business Broker. The business brokers at Crowne Atlantic are a wealth of information and can help you prepare for selling your business by reviewing with you common questions from buyers, helping to develop a list of FAQs and answers, and advising you on how to best position your business.
- Create a Transition Plan. If you have already made the decision to sell your business, it is also time to create a transition plan. Create a plan of action for how you will transition the business to the new owner(s) and begin creating processes and manuals for the new owner and/or staff if those are not already available.
Selling a Business Takes Planning. Let The Business Brokers At Crowne Atlantic Properties Help You
Selling a business for maximum value takes planning, but you don’t have to do it all by yourself. Trust the business brokers at Crowne Atlantic Properties to help you position your business for a strong sale while also providing you with the support you need to navigate the process and transition from owner to seller.