You’ve poured innumerable hours of hard work into your Charlotte-based business, and it’s finally time to sell. To help minimize the stress associated with landing a deal, VR Business Brokers Charlotte has created a guide outlining critical steps to prepare your business for sale. Review the following five critical steps on how to sell a business in Charlotte, North Carolina successfully.
5 STEPS FOR LANDING A BUSINESS SALE IN CHARLOTTE, NC
Utilize the following step-by-step instructions to successfully land a business sale in optimal time.
1. MAP OUT YOUR EXIT STRATEGY
Before you list your Charlotte-based business for sale, you absolutely must have an exit strategy mapped out. An exit strategy is a plan detailing how the business owner will exit the business. Things to consider when developing an exit strategy include:
- What is your timeline for selling the business?
- Do daily operations depend on your presence?
- Will you stay on for a period of time after the sale?
- Will current employees continue working for the business under new ownership? If so, is necessary paperwork in place to ensure job security?
- Who will you sell your business to?
- Are you willing to provide seller financing to potential buyers?
- Do your retirement plans rely on the sale of this business?
After answering these questions, you are ready to begin preparing your business for sale.
2. ORGANIZE PAPERWORK
Potential buyers are going have a lot of questions about your business during the due diligence process. Ensure that you have all of your ducks in a row by working with your accountant and lawyer to organize critical paperwork and financials such as tax documents, contracts, leases, and financial statements.
3. OBTAIN A VALUATION
Oftentimes, business owners’ personal attachment to their businesses clouds their judgment during the valuation process. To ensure your business is fairly valued, it’s best to hire a professional valuation service. By securing a professional valuation, you can rest assured that your asking price actually reflects the true value of your business.
4. PREPARE THE BUSINESS
Before listing your business for sale, take a critical look at your daily operations, financials, strategy, and products and/or services. Potential buyers will be picking your business apart to look for underlying weaknesses and threats. Proactively identifying those weaknesses and rectifying them before listing your business for sale will minimize the chances of potential buyers being scared away during the due diligence process.
5. HIRE A BUSINESS INTERMEDIARY
Although you can certainly try to sell your business independently, it’s typically best to hire a business intermediary. By hiring a business intermediary, you ensure that your business will be sold in optimal time and for top dollar. Additionally, a professional business broker will guide you through the sales process from listing your business and marketing the listing to qualifying potential buyers and negotiating a deal.
If you’re ready to sell, reach out to VR Business Brokers Charlotte. Our team of business intermediaries has years of experience helping business owners sell their businesses. We take care of the sales process so that you can focus on what’s most important– running your business!