Small Business for Sale in Bedford!
But Have You Prepared for it?
You have decided to move on to the next phase of your life; and you have decided to put up your small business for sale.
It could be that you are well in your fifties and have decided to ride into the sunset.
Or
You have got a much better idea and have decided to pursue that instead.
Whatever maybe the reason, you have ordered the sale sign post.
But wait, are you prepared for selling off your business? Is it a decision that has been well thought out? Because no matter how small your business is, it is still something that captivates your initial struggles and grew with your over the years. It is an odyssey in itself.
Have you worked over everything and the pre-requisites needed to sell your business? Because, you would not like a delay or a complication to rise at the eleventh hour. And believe me, these things do happen even if it’s just a small business for sale in Bedford.
If any of these questions have got your thinking process in a rut, you need to read on.
Horatio, Think Before You Put Up Your Small Business for Sale!
You have invested effort and time in setting up that small business of yours. It is all you have known unto this point. You have catered to its needs and it has repaid you. Putting up your small business for sale robs you off the income that you were currently generating.
Have you worked over the alternatives? If not, you need to do it now.
Do you believe you have built your piggy bank up to the reserves, so that you can spend the rest of your life in comfort?
Do you believe this is the right time to sell as per the market activity?
Other things may come afterwards, but thinking long and hard over the decision to sell is the first step to analyze whether you are prepared for the road ahead or not. You cannot afford to repent later.
By the way, if you are struggling to infer the market activity, we would like to point out that in 2015 it was estimated that small scale businesses were sold at a rate of 2 to 3 times more than their yearly cash flows. For the rest of your dilemmas, you need to work on your own.
Consult a Business Broker When You Put Up a Small Business for Sale
Most of us put up our small business for sale and instantly enter into negotiations without knowing the true value of it. It is always advisable to consult a business broker when selling your business. These brokers have the expertise to get us the money way above its true valuation and may also help us with a quick sale. Furthermore, you can be carefree of the paperwork and documentation required to legalize the transfer as your agent looks after everything.
Small Business for Sale – Packed in a Shoebox!
Before arranging a meeting with a buyer, it is wise to go through the papers that document the finances of your business and get them organized. Whenever a buyer gets notified about a small business up for sale, the buyer will insist on the P&L account statements, balance sheets, tax returns, supplier contracts and customer data amongst other documents. These documents should provide the record of last five years at least. Search for these, collect them, and file them up before meeting up.
Small Business for Sale, Except for These Assets!
Whenever you put up your small business for sale, it’s not necessary that you are also going to offload all the assets along with it. So rather than waiting for the proceedings to start and then take an initiative, it’s much more convenient if you transfer the not-to-be sold assets way before you enter into negotiations.
Small Business for Sale – No Bargaining Please!
If you are deciding to put your small business for sale, you should always work towards determining a price for it. Remember, in the current market, it’s you who will be dictating the price and not the buyer (unless you are in a really bad place in terms of negotiating power).
You can use your yearly cash flows in determining the valuation of your business, but it is not the only thing that you should focus on. Good news is, even a buyer realizes that. Review your business model and highlight the exclusives and its strong points. You can also tap into the future potential of your business. Collect these points, add them to your cash flows and then try to place a value over your business.
If you have asked for the help of a business broker, you can make your calculated value as the baseline for negotiations. So, this exercise is not only for those who want to sell their business on their own.
My Small Business is for Sale, And It is Ready to Fly On its Own!
Businesses operating on a small scale do not need a large workforce and revolve around few key players. When you put up your small business for sale, one of the main reservations of the buyer is that it would lose its standing in the market and the potential to grow, in light of having its key players shelved. Since you need to convince the buyer, you have to make sure that your business is ready to fly on its own. Make systematic arrangements and implement them, so that you or the other key staff won’t have to supervise through everything.
Whether your business is small or large, the process of selling it off needs to be planned carefully and wisely. If you need our help with the process, we are here to guide you to not only ensure a smooth transition but also help you get the best deal.