Finance
right to be given an accurate account of and dispose of all old and useless machin- 15. Keep selling confidential . If you are
your profit and loss. Your financial statement ery. selling your business, don’t broadcast it to
should be complete. You should at least the world. Customers may have an impres-
state 3 years of your business’ income state-
11. Make your business attractive . sion that your company might be encounter-
ments. It would also help to provide your tax
Make your business look as attractive as ing serious problems; this would ultimately
returns and lease statements. If you are un-
possible and for heavens sake make sure result to lower sales. Also keep your employ-
der a loan, provide your current balance and
all the light switches and bulbs work. Make ees in mind. They would probably look for
schedule of payments. All the documents
sure the place is as bright as possible by us- another job even before you can make the
mentioned above would be thoroughly in-
ing higher power bulbs than normal. Entice sale. Losing manpower can be a real hassle
spected by your buyers. Be sure that you are
buyers to buy your business by adding more in your part.
ready to answer all their questions about the
value to your company. Make your package
financial status of your company. If you can
attractive as you can but remember to offer 16. Know your buyers and find a right
provide your buyer a concrete business and
a fair price. More buyers would be interested
buyer . Most businesses don’t have a val-
budget plan, so much the better. It would
in your company if you make all your paper-
ue that is set in stone. Instead they have a
give them the impression that you have an
work organised, complete and impressive. It
range of value. This means that different
organized business to start with.
would be a good idea to reduce your cost by
buyers will have different perceptions of the
avoiding purchasing equipments that are not
same business’s value. It becomes impor-
4. Extend the lease of your Business really a necessity. Build a stronger customer
tant to pre-plan your confidential marketing
Property. If a buyer is looking at your busi-
base prior to selling your business. You can
effort to gain exposure to multiple buyers,
ness he will want to see a long term lease in
do this by offering promos, discounts and
especially synergistic buyers. Synergistic
place. Negotiate with your landlord an exten-
special deals for your customers. Providing
buyers are those individuals who, because
sion to your lease and make sure that you
a complete documentation of your employ-
of their location, complimentary customer
have a clause in there which allows you to
ers and suppliers is also a plus. You can eas-
base, financial resources or market position,
transfer the lease to the new buyer.
ily sell a business by keeping your premises
can profit more from owning your business
clean and attractive. If your budget permits
and are therefore willing to pay more.
5. Make Sure you value your assets.
it, it would be a good idea to renovate your
This is especially important when it comes to
business area. If not, cleaning and repaint-
17. Know how to make the most of the
property as prices are constantly changing
ing would do.
Internet. The Internet is fast becoming one
and you might get a very pleasant surprise.
of the most popular ways to advertise a busi-
12. Get professional help. If you have a
ness for sale. The main advantage is that it
6. Decide on selling goodwill or whole.
small business all you need are the services
can reach a wide audience, as it can be ac-
Often when selling a business it is possible
of a good accountant and lawyer. If the busi-
cessed by people all over the world. If it is a
to keep the property and lease it to the new
ness is more complicated a decent business
local small business then the Internet may
buyer. If you don’t need the full proceeds it
broker might be required to get the maxi-
not be a favoured source to advertise, but
is often wise not to sell the property as long
mum price for your business.
for the larger small businesses, it is highly
term it will be an appreciating asset. Make recommended.
sure though that you get a full repair and re-
newal lease put in place with the buyer.
13. Don’t overprice! After looking at all
In summary, you can successfully sell your
your financial documents, you would have
business for a good price if you keep all your
7. Talk to other shareholders if any. Are
an idea on what’s your business is worth. It
business and financial documents well ac-
you the only owner? If not what do the other
is recommended that you hire a professional
counted for. Next, keep your bidding process
shareholders think about you leaving? One
financial analyst to give you a fair monetary
organised and legitimate. You can also con-
of the easiest ways to get out is to sell your
value of your business.
sider getting the help of a business agent or
stake to the other shareholders. broker to help you with selling your business,
You would not attract any potential buyers
however with the help of the internet many
Practical Methods
8. Protect workers. You might have mem-
with a high price. The key in getting a quick
business owners are opting to sell privately.
bers of the family or close friends who work
sale is to keep the price of your required
Selling privately can save you thousands of
in the business and they might need some
down payment very affordable. Some busi-
sterling in agent commissions and is quite
security after you have left. One way to do
ness owners are also willing to offer seller
simple to do. Not only are more business
this is to provide them with decent employ-
financing. This means that a seller provides
owners selling privately, but more potential
for Selling Your Small Business
ment contracts prior to the sale.
or facilitates a loan for a buyer in order to
purchasers are choosing to buy privately.
close the sale. The buyer would then agree
9. Sell your business on the right time.
to pay an agreed amount over a specific pe-
Author: B&F Services Ltd.
The best time to sell the business is just
riod of time.
after you have had a good year of trading.
Even economists disagree about what the
14. Continue in running your business.
future may bring so try not to predict how the
Even if you are selling your business, you
trading environment will change but get out
should not stop operation. Keep your busi-
when profits are high.
ness running. Your buyers would be totally
turned off if they would see even a slight hint
10. Prime the business for sale. Just
of desperation in your part. That’s why it is
as a house will achieve more with a lick of
important to know the reason why you are
paint and the garden in top condition so a
selling off your business. Keeping your com-
business will need as many loose ends tied
pany operational would give an impression
up as possible so that it is easier for a new
that your business is profitable and still in
buyer to walk in. Get rid of all the dead stock
good shape.
2009 Pazdziernik METROPOLIA 55
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