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 Here are 7 simple steps to take to get your company ready to sell.


There are a lot of things to think about if you plan to sell your firm within the next three to five years. Is there anything left to do before you can start selling? Who will need to take over your responsibilities once you've left the company? In order to make the handoff go as smoothly as possible after the transaction closes, what should you prioritize right now? Here are seven concrete suggestions to consider when you build a strategy for making your firm ready to sell:



First, you need to start talking to the proper people.

When the time comes to sell your company, one of the first things you should do is find advisors to help you along the way. Talking to a certified public accountant and other business owners who have sold their companies will help you understand the process. In addition, working with a business broker can be beneficial because they can respond to your queries, assist in valuing your company, and lead you through the full selling process.



Establish a timetable.

You should begin working on a plan to sell your business as soon as possible. If you start thinking about selling your firm 1-3 years in advance, you'll have plenty of time to increase profits, streamline operations, and train new employees. In addition, you may not be able to devote sufficient time to getting your business ready for sale if you are currently spending a lot of time on the day-to-day operations of your firm. Constructing a timeline provides you with additional time to get ready.



Learn more about the 5 Crucial Elements of a Successful Exit Strategy for the Sale of Your Business here.



Third, establish a sales foundation.

Planning for increased sales should be a top priority as you draft your schedule. Prospective purchasers will see that your company has great growth potential if you've been able to increase sales in the months leading up to the sale. If you don't currently have a CRM (Customer Relationship Management) system in place, you should think about establishing one, diversifying your sources of income, and building a reliable customer base. Your company's worth will rise if you're able to build a steady clientele of on-time payers and repeat buyers.



Fourth, maintain accurate and up-to-date documentation.

All financial documents, including tax returns, bank statements, income and sales records, must be current and correct. Business purchasers will at some point want to see these records before making a purchase decision, and keeping them current can inspire confidence in the fiscal stability of your enterprise.



5- Know what you're selling.

So, what separates your company from the rest? In what area do you excel the most? Focusing on what you do well and highlighting the good aspects of your organization might offer you an edge over competitors in the market. Promote your business by starting with online social media and LinkedIn announcements to spread positive client feedback and case studies. By doing so, you expose your business to potential customers who are interested in what you have to offer.



6. Write out your regular processes and procedures.

Documenting your company's day-to-day activities, procedures, and promotional strategies is crucial. Maintaining complete and up-to-date staff manuals and handbooks is also crucial. A smooth hand-off after the transaction is more likely to occur if these items are documented. The purchaser will feel secure in their ability to pick up where you leave off with the company's day-to-day operations.



Seven, get ready to have viewers.

This includes both online and offline traffic if you have a storefront. Google may be the first stop for many potential customers who are looking into your company. Once they achieve that, what will they discover? Maintain an up-to-date, attractive website. You may help the buyer see why they should buy from you by highlighting user reviews, patents, and other distinctive qualities.



Make sure that the storefront of your brick-and-mortar company looks appealing to customers. Similar to preparing a house for sale, you should perform any necessary repairs, repaint the interior and exterior, and clean up the yard or other public areas.



Steps to Take Next  ?

DM





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