Are you ready to take the next steps in your career?
Are you hoping to sell your business but unsure of where to begin?
1. Business Valuation
2. Prepare Financials
In order to make the business valuation an easier process, you will need to organize your financials. These two steps go hand-in-hand. In a post-COVID-19 world, this can change week-to-week, rather than the typical annual statements. Determining your profits and organizing your assets is a vital step in the process.
3. Find a Business Broker
A business broker has extensive experience and knowledge in both the buying and selling of all businesses. No matter the size of your business or the industry, a Transworld advisor is going to be an expert. With a little guidance, you can benefit greatly from a broker's consultation -- even if now is not the opportune time for you to sell, getting 'the house in order' is invaluable.
4. Executive Summary
Once a strategy is selected and a broker is hired (sometimes step 3 to 4 can take a couple of years!), your broker should prepare a high-quality executive summary or Confidential Information Profile to outline your business and serve as an offering memorandum in many cases. Everything from financials to assets, operations, and inventory, this document provides answers to buyer's frequently asked questions and is one of the most critical marketing materials of your business.
5. Confidential Marketing Process
Once you have determined the company's valuation, done the pre-market steps there are dozens of marketing channels for businesses to consider -- each business offering should be tailored to every unique company to maximize exposure in the most efficient and confidential manner.
Once your broker starts receiving offers, you will need to spend some time reviewing them. Your broker can help wade through this process, as they will be able to determine which offers are even worth considering. Then, you can enter the negotiation process.
7. Close the Deal
Finally, the part you have been waiting for – signing on the dotted line. Once you have found the perfect buyer and received the best offer, you can process the paperwork and hand off the keys, so to speak. Working alongside transaction counsel, a business broker will be able to facilitate the necessary paperwork, and ensure all deal points are checked off the list to help drive the deal across the goal-line.
If you are ready to list your business for sale – be it for extra cash, retirement or to free up time for a new business venture, our team is here to help. Email us today for a free consultation or business valuation at firstname.lastname@example.org!