Finance
Practical Methods
for Selling Your Small Business
There is no right or wrong time to sell a busi- 1. Preplan the sale of your business. 2. Have a good reason for selling.
ness and there can be many different rea- Selling business should not be a spur of the Are you selling because the business has
sons like financial, lifestyle change, family moment decision. Rather, it should be well reached its full potential or do you want to
commitments, location etc. When a busi- planned in advance. Though it is not possible get out because you have had enough? It’s
ness owner has reached the decision that it to control the external environment, such as important to have a reason for the sale as
is time to sell their business, there are many interest rates and strength of the economy, you will get asked this question from all po-
steps that need to be taken, carefully. Don’t it is possible to plan for an orderly transition. tential purchasers.
forget the easier you make it for the buyer to Start thinking about some obvious sources
move in and start running the business from for a potential buyer. For example, should an
3. Give out the real digits .It pays to keep
day one the higher the price you will achieve employee be groomed for possible succes-
your financial books organized and updat-
for the sale. If you are really thinking of sell- sion? Might a good customer be interested
ed.
ing your business, here are some advices to in acquiring your business in the event of its
Provide all financial information that a po-
get you started: sale?
tential buyer needs to know. They have the
54 METROPOLIA 2009 Pazdziernik
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