There is no right or wrong time to sell a business and there can be many different reasons like financial, lifestyle change, family committments, location etc. When a business onwer has reached the decision that it is time to sell their business, there are many steps that need to be taken, carefully.
If you are thinking of selling your business, here are some tips to get you started:
1. Give out the real digits
It pays to keep your financial books organized and updated. Provide all financial information that a potential buyer needs to know. They have the right to be given an accurate account of your profit and loss.
Your financial statement should be complete. You should at least state 3 years of your business income statements. It would also help to provide your tax returns and lease statements. If you are under a loan, provide your current balance and schedule of payments.
All the documents mentioned above would be thoroughly inspected by your buyers. Be sure that you are ready to answer all their questions about the financial status of your company. If you can provide your buyer a concrete business and budget plan, so much the better. It...
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