Michael Newman’s latest ‘e-Wealth Daily’ article is titled “How to Prepare for Your Biggest Sale”. [‘e-Wealth Daily’ Article]


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

How to Prepare for Your Biggest Sale

As I mentioned on Monday, it’s never too early to start thinking about the possibility of selling your business. After all, markets fluctuate and, if it becomes prime time to make the sale, you want to be sure you’re ready to get the best available offer. Now we’ll continue where we left off with more information about how to get your business ready for a sale.

As a small business owner, you may be using the business to claim some expenses that don’t necessarily contribute to the operation of the business, like your personal vehicle’s lease, for example. Something like this can skew the profitability of your business to a potential buyer, because it is a non-operational expense. Therefore, provide documentation for such expenses so the potential buyer can see the discrepancy in profitability. The business may make more than they anticipated.

You also want to make sure to create a great first impression with the potential buyer. Right off the bat, you want to appear helpful, resourceful, and motivated to move forward with the sale. You have to make them want to do business with you. Therefore, do your best to accommodate requests and be as transparent as possible. Coming across as secretive will do nothing but hurt your chances for a quick and successful sale.

One of the ways you can make a good first impression is to know why you’re selling the business. Many potential owners will ask you why you’re selling, and giving them a good answer is important. Knowing why you want to sell also helps you make sure you’re making the right decision and that you’re confident in your actions.

Once you’ve made the decision to sell, you’re going to want to put together a team of professionals to help you along the way. Lawyers and accountants who specialize in mergers and acquisitions are your best bet to ensure a smooth and successful transfer. Before and during the process, make sure you have all the business’ financial and legal information close by!

Finally, it can be easy to get caught up in the sale and lose track of actually running the business! After all, a sale is pretty heavy work and it can be easy to shift most of your focus on it. At the end of the day, however, the business still has to be run. Keep focused on your daily responsibilities as a business owner and work hard until the dotted line’s been signed and you’re free to enjoy retirement (or get moving on a new start-up)!

e-Wealth Daily

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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