Seven Tips for Selling a Business

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(1)  First, realize what acquirers are looking for. People buy companies for a number of different reasons, and if you can figure out what your buyer wants, you can position yourself to your advantage. Then (2),  Know that it’s a long process. A long process can put your business in serious trouble if you concentrate all your energy on pushing the sale through, rather than maintaining and growing your company.  After that (3),  Get as many bidders involved as possible. Bidding (and buying) is an emotional process, and you can use that drive to win to your advantage. Understand (4),  Profitability is key. The most important element for small business value is proven profitability . Also (5),  The riches are in the niches. If you’re providing a unique service to a dedicated, loyal group of satisfied customers, you’re poised to cash in big. And also (6),  Make yourself dispensable. If you can subtract your involvement from your business, you’re adding to its value. But most importantly (7),  Get a Team. You will need an accountant, a broker and a lawyer. You need a lawyer who is experienced with purchase or sale of business but also someone who is on your side with both their brain and their heart. Lloyd Cohen at Cohen Law Offices www.LloydCohen.Com knows business and serves Ohio counties of Franklin, Union, Delaware, Licking, Muskingum, Fairfield, Pickaway, Fayette and Madison; plus cities of Columbus, Marysville, Delaware, Newark, Zanesville, Lancaster, Circleville, London, Washington CH, and Grove City.

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