Whether you are getting sick of the continual stress of being a business owner, or your company has been failing for some time, you might be considering shutting up shop for good. But you don’t have to bring things to an end in such a drastic fashion! In fact, there is one final thing that you could do that could even make you a bit of money before you embark on a new career – why not try selling your business?
There are many entrepreneurs out there who specialise in buying companies, even those businesses that haven’t’ been doing so well recently. So, it’s definitely something that you should look into. If you decide to go ahead with it, here are some things you will need to do.
1. Get Your Office Ready For Viewings
Any potential buyers will want to come and take a look at your office. There are a number reasons for this. Firstly, it gives them a chance to see your employees in action and how business is conducted every day in the company. It also gives them the chance to inspect the office space itself. So, as you can see, you should make every effort to ensure your office is as neat and tidy as possible. It might even be worth seeing about putting some clutter into commercial self storage as a messy office could give buyers the wrong impression. And you don’t want to do that if you are after a quick sale!
2. Inform Your Staff
As soon as you make the decision to sell your business, you will need to inform your employees. This is more out of courtesy than anything else. The worst thing to happen would be for them to hear about it on the grapevine, and this could cause a lot of anxiety as people might think they could end up losing their jobs. More often than not, though, this isn’t the case as the buyer often keeps the old staff on. However, if people will be made redundant, it is important you let them know as soon as possible so that they can start their job hunt.
How this couple sold their coffee business to Starbucks, and then built a $131 million pizza chain empire https://t.co/VhLlweJkAb
— Inc. (@Inc) January 28, 2018
3. Value Your Company
When you sell a house, you need to get it valued so that you know how much the asking price should be. This is also the case with a business. There are different ways you can value a company, but most people use the revenue as a guide. It’s also necessary to take the business’s assets into consideration as well as these are likely to be sold alongside the business.
4. Draft A Letter Of Intent (LOI)
A LOI will outline the complete agreement between you and the buyer. This needs to be exhaustive and include every minute detail about the sale. That way, no one can dispute anything. It’s a good idea to get this overseen by a lawyer so that it all remains above board.
As you can see, you don’t have to close your business if things aren’t going well – just sell it!