Michael Newman’s latest ‘e-Wealth Daily’ article is titled “Making the Biggest Sale: Your Business”. [‘e-Wealth Daily’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

Making the Biggest Sale: Your Business

Depending on where you are in your entrepreneurial career, you may be getting closer to the point where the idea of selling your business is appearing increasingly attractive. The fact is that no matter how long you’ve owned and operated a business, this thought has been weighing on you in some capacity. After all, most people look forward to the day when they can cash out and start living a life of luxury and enjoyment!

If you are planning on selling in the near future — or even not for a while — it’s beneficial to know exactly what you’ll have to do in order to prepare your business for a successful sale. After all, the process is much more complex than heading to the store and buying a pack of gum!

Oftentimes, the sale of a business can take up to, or over, a year. That’s because there are all kinds of intricacies that need to be ironed out, people involved and other steps to cover. If you think buying or selling a home is a lot of work, get ready for a surprise.

The first step you’ll be required to complete is getting a successful valuation of your business. This means you have to find out what your business and all its assets are actually worth. To do this, hire an outside consultant who can look at your business without bias and offer a true assessment of the business’ worth.

Getting a valuation can help you gain knowledge of the price you can expect to get for your business and the ballpark of what interested parties should be willing to pay. Furthermore, it can let you know what you may need to do to get the price you want, while letting you get a good picture of the overall situation of your business.

Once you’ve got an idea of the value of your business, you need to start getting your books in order. Potential buyers usually want to look at (at least) the past three years’ worth of your business’ financial records. The more information you can provide, the better it looks and the more confident the potential buyer will likely be about completing the transaction.

On Wednesday, I’ll be back with the final steps you need to take to prepare your business for a successful sale!

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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