SELLING YOUR COMPANY IN 10 EASY STEPS

While a wealth management firm can handle many of the details of selling your business, it is important that you understand the process yourself to maximize your profits.

There is a great deal of preparation involved in maximizing profits when selling your business. Familiarize yourself with our ten basic steps for a successful company sale. Discuss with your choice of business lawyer or consultant to determine the correct approach to each step based on your unique business model. Peruse the rest of this site to enhance your understanding of the process of selling your business. The following are ten steps to selling your business.

1. Select a team who will take charge of selling your company. This will include a lawyer, financial planner, accountant, business consultant, and wealth management firm.

2. Make your company attractive to buyers. Position and market your company based on what is important to prospects.

3. Locate prospective buyers. Learn their priorities in order to gain leverage for an optimal negotiation position.
4. Encourage multiple bidders. Multiple prospects will result in a bidding war and drive up the price of your company.
5. Work with your business lawyer or wealth management firm to find the worth of your company under several valuation models.
6. Explore different deal structures and learn their advantages and disadvantages, such as stock, cash, up-front, and earn-out. Your wealth management firm can help you choose the most profitable deal structure. We can refer you to a wealth management firm.
7. Learn effective negotiation. Familiarize yourself with your role and the roles of others in the process of selling your company. Incorporate the guidance of your company consultant, wealth management firm, and business lawyer. Offers many choices of business lawyers, business consultants, and firms.
8. Hire a business consultant to analyze your company processes. Whenever return of investment can be increased, your bottom line is increased. We can help you with issues in company process reengineering.
9. Sell for a high price by making your company sustainable. Practice excellent customer service and communication with both prospects and employees. Offer your staff job security after the sale to keep your company functioning at its best.
Prepare yourself for the closing sale and learn what to expect. Consult your business lawyer to ensure you get the most out of your closing sale.