When selling your business it is critical that you understand the processes involved. After all, unlike other business decisions this will only be made once!
So here are a few questions that might help you in the process.
Why are you selling? Are you selling because the business has reached its full potential or do you want to get out because you have had enough? It’s important to have a reason for the sale as you will get asked this question from all potential purchasers.
Is your property on a lease? If a buyer is looking at your business he will want to see a long term lease in place. Negotiate with your landlord an extension to your lease and make sure that you have a clause in there which allows you to transfer the lease to the new buyer.
When did you last value your assets? This is especially important when it comes to property as prices are constantly changing and you might get a very pleasant surprise.
Do you want to sell just the goodwill and still own the property? Often when selling a business it is possible to keep the property and lease it to the new buyer. If you do not need the full proceeds it is often wise not to sell...
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