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Selling Your Business Survival Tips

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Selling Your Business Survival Tips

Planning the sale of a business is both exciting and bittersweet. You’ve worked hard to get to this point in life, and now there are life changing decisions to make. I know this from my own experiences building my former company from the ground up, and then selling it for new personal and professional opportunities.

The best case scenario is to retire from your business or move onto your next adventure, knowing that you are leaving your business in the hands of a competent and compassionate new owner who will carry on your legacy. You might have the time to plan ahead; or you might find yourself in a position to sell sooner rather than later, due to illness, emergencies, or burnout.

Regardless of the reasons, steps, and outcomes, the transition from owner to former owner can be stressful, and preparation is your best tool for survival and success.

Time Preparation
Plan ahead—don’t wait until the clock is ticking. Give yourself a full year to two years to clean up your financials, organize documents, and get your business in order while monitoring the fluctuations in market conditions for selling.

Mental Preparation
Spend some time considering the road ahead and understanding the complexities of selling a business, such as marketing , buyer search and vetting, negotiating, and due diligence prior to closing. Knowing what to expect alleviates much of the stress that is part of this journey, which may easily take several months to several years.

Realistic Preparation
Managing expectations is one of the best ways to decrease stress during the sales process. This begins with securing an accurate, realistic valuation of your business, determined by an expert business broker experienced in your marketplace and which lays out a guide for what offers you’re likely to receive.

Financial Preparation
Collect profit and loss statements, tax returns, lease details, contracts, and other financial documentation prospective buyers require as part of the due diligence process. Additionally, create an Owner’s Manual that identifies the systems and processes in place that have made your business successful and worthy of taking on.

Support Preparation
You are an expert in running your business, but not an expert in selling businesses. Having an experienced business broker facilitate the sale of your business—while you focus on running your business—alleviates much of the stress of the process and ultimate transition of ownership.

The Bay Advisors uses cutting-edge, digital marketing tools and techniques to find qualified buyers for your company, with a comprehensive network of industry resources and proven systems in place to handle the sale of your company from meeting with you to determine business valuation, through transfer of ownership and celebration of your dream.

Our commitment to you is the successful sale of your business so you can transition with confidence to your next adventure.

Please contact us [for a complimentary consultation] and prepare to reimagine your future.

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