Preparation Counts: What to Do to Get your Business Ready to Sell
When it’s time to sell your business, there are a few things business owners can do to help prepare your business for sale and make the business more attractive to potential buyers.
- Meet with us: You wouldn’t go to court without an attorney, and don’t file your taxes without the help of your CPA, so why would you even think about navigating the complex business selling process without a pro by your side? Meeting with Viking Mergers & Acquisitions early in the process can help you avoid many of the missteps people encounter when selling a business. As fellow business owners who have bought and sold businesses in a variety of industries, we know what it’s like to be on both sides of the equation—and we can use that experience to your benefit.
- Work with a Certified Public Accountant to provide up-to-date financial information. Viking insists that businesses who work with us have clean books and/or accountant-prepared financial statements that are fully reconciled. When it comes to selling a business, cash flow is king, and being able to prove what’s coming in and out of the business, as well as identifying the expenses that are beneficial to the business owner, will go a long way toward completing the sale.
- Produce clean business records: In addition to ensuring your books are in order, it’s important you also make sure all of your other paperwork is complete. Asset lists and property inventories as well as copies of your current lease agreement will show buyers that you’re serious about selling and will ease the transition to the new owners.
- Ensure things are looking good: Even with rock solid books, appearances still count. A potential buyer who is really serious about purchasing your business will want to see it for themselves prior to purchase—and facilities that are dirty or in disrepair send a very strong negative message that can impact the sales price or even the entire sale. Make certain that the business facilities are tidy, and tackle all of those small-but-important repairs you’ve been putting off before inviting buyers in for a look.
Viking can help you get your business ready to sell. Contact us today for more information.