For many small business owners, the desire to sell a company is not very strong. However, there do come times when it is necessary or it is simply time to move on and market your company for sale. Yet navigating the waters of selling a business can be harder than trying to start the business. It is not in your best interest to simply place a sign in the window and you certainly want to be careful when it comes to customers, creditors, and the competition. Unless you are going to target a specific competitor, you do not want them to know you are looking to sell. Discretion and confidentiality are the keys here and they need to be listened to. You could do a quick Google search for “sell my company” but that will only take you so far. The best thing to do is to prepare for the sale of your company now for what could potentially come in the future.
The first thing you need to be aware of is the definition of your likely buyer. Who are they? Who would want to acquire my company for sale?What will they need to possess in order to purchase? Is your business going to be marketed towards anyone wanting to start a business or does it need to be more specific? Can anyone with money buy the business or are you looking for a credentialed buyer? Are you looking for a sole individual buyer, a group buyer, or are you looking to sell to a competitor? These are all questions that need to be answered when you start asking about selling your business.
Once you have determined the type of buyer you are going to market to, you need to research how to find that person/group. It might be beneficial to compile a list or a guide of the specific details you are looking for. You may be able to list your business for sale on the Internet or maybe you will choose to use a classified section in a reputable business magazine. You also have the option of hiring a consultant to help in this matter as they could have deeper connections in your field. They could also have the ability to tap into perspective buyers.
Once you have identified the person you are looking for and the manner in which you will seek them, take the time to study your area and learn what could make your business more appealing/attractive. This is also a good time to examine your business and adjust any areas that might have been overlooked or neglected. Remember, a healthy business is a very attractive business. If your company is deemed unhealthy it could still sell but it will not bring the revenue you seek.
Once you come to the point where you say, ?I want to sell my company?, you need to already have laid the groundwork for the sale to be successful. You may want to read this post on how to exit a company successfully. Without proper due diligence and legal wrangling your sale will fall flat and you will be back to square one. The best way to market is to build a strong business, know what you want and whom you want, surround yourself with the best resources, and ultimately allow the business to work for you.
Are you considering selling your business? We can help you. Contact us anytime at?http://www.newgatecapitalpartners.com/contact/