The decision to sell your San Diego County business is one only you can make. No one should be able to convince you one way or another. Your business is the result of countless hours, months, and years of work – it’s a baby you helped grow and transform. When to sell is something that should be discussed with a professional business advisor. Being prepared is the only surefire way to guarantee a smooth process and no headaches. If you are looking to sell your business in 2022, there are some steps you can start taking today.
How to Be Prepared to Sell Your Business
Step one is always going to be to get your business’s finances and all corresponding documents in order and you can and should tackle this now. By doing this now, when the time comes to perform a business valuation, there is little additional prep work needed. In addition, the due diligence process toward the end of the sale requires insight into all of these documents, so they need to be ready and prepped.
Next, you need to ensure the structure of the business is in good shape. Think of it like this – your business is only worth as much as it can function without you. Therefore, ensure that your vendors, suppliers, clients, and staff are not looking to leave once you have sold the business. A buyer will want to know customer and vendor loyalty remains even after you have gone and that the business can (for the most part) function just like it did when you were involved.
Finally, prepare a business overview with projections and forecasts. How will the business grow in the next five years? How have you set it up for success? For example, the San Diego area was, as much of the United States, impacted pretty badly by COVID-19. The businesses that survived had to get creative. A buyer will be interested to see how the business might survive a crisis – and not only stay afloat but even thrive. What did you do to survive the last two years? What plans do you have to continue evolving? All of this information will intrigue the right buyer – the one willing to make the big investment in your San Diego business.
How Long Does the Process Take?
There is no exact answer – selling a business varies for every business. However, a prepared business can be valued more quickly, and therefore listed and marketed in record time. Through Transworld Business Advisor’s network of buyers, you could be in the negotiation process in no time. Therefore, use the rest of this year to get prepared and contact a local business advisor from Transworld Business Advisors San Diego North to get things moving. Before you know it, you’ll be signing on a dotted line and embarking on your next great adventure.
We look forward to helping you sell your San Diego business – contact us today!