In 2017, there were almost 10,000 businesses sold, which was a 27% increase over 2016. What’s even better news for business owners is that the sales price increased by 14%.
Is selling a business part of your exit strategy? Maybe you realized it’s time to cash out before the economic slump turns into a long-term recession or worse.
Whatever your reason may be, you need to know how to sell a business quickly to get maximum value for it. Read on to learn the top business selling tips so you can enjoy the rewards of your hard work.
1. Write a Summary of Your Business
If you just put your business up for sale with no financials and no background information about it, you’re going to get a lot of potential buyers who are just tire kickers.
They’re going to waste a lot of your time. The best way to get around that is to create a business summary for prospective buyers. Think of it as an FAQ of your business.
You need to create a non-disclosure agreement first, which prevents proprietary information about your business from leaking. Once you get the signed document back, you’ll then be able to send the business summary.
This is a 20-page document (or less) that outlines who you are, the team, the growth trajectory of the business, and the products and services of the business.
This also includes financial statements such as sales reports, profit and loss statements, and other information that buyers find important.
2. Work with a Business Broker
Working with a business broker will save you a lot of headaches. Your business is a very personal matter, and it’s easy to let your emotions get in the way of a good offer.
They’ll be able to negotiate the deal, write the business summary, and market the business. Most importantly, they know what buyers want to see.
The best business brokers work in a number of different industries and they have a wide network of business owners and potential buyers. They’ll be able to sell your business fast.
3. Market Your Business
You can put your business up for sale online or in classified ads. That is kinda like gambling with your time and your business. You just don’t know what you’ll get.
You can also call people within your network to let them know you’re selling the business. Another way to market your business is to contact industry trade associations and advertise through them.
How to Sell a Business Quickly
When you think that it’s time to walk away from your business, you need to learn how to sell a business quickly.
This business selling guide took you through the steps to sell your business fast. You need to get your financials organized, write a business summary, and hire the best business broker possible. They’ll set a price and negotiate a great deal for your business.
For more business tips, check out the Entrepreneurs section on this site.
