Have you ever thought about selling your small business? A lot of small business owners fail to maximize the money they can make from their business when they sell it by not “staging” it well before they want to sell it. Staging in this context is synonymous with preparing in advance to get the most amount of money you can when you sell your business. A good question to ask yourself during this process is “would you buy your own business?”
If you ask this question to yourself and the answer is “no,” then you most likely aren’t going to attract a lot of buyers. Conversely, if the answer is “yes,” then you probably are going to get a lot of buyers very interested in buying it and sell it for a top dollar price.
Potential buyers want to know a lot about your business before making you an offer. Their list could include information about your customers, suppliers, employees, operations, financials, revenue, cash flow, expenses and many other things. How prepared are you to answer these questions in a positive way and back up the answers with data and examples?
Keep in mind that if you would buy your own business, you’d probably make the decision on similar criteria and would want to know all the facts about everything you can. When selling your small business, put yourself in the buyer’s shoes. If you would buy your own business, you’re probably going to attract a lot of buyers and make a lot of money selling it.