![]() Consult a tax professional: Depending on how your business is incorporated and sold, there may be serious tax ramifications that you need to be aware of.Your location and equipment are valuable assets, and making sure that these assets can be transferred to a new owner or at least reasonably extended is important. Understand your lease: When your business is sold, you must be aware of how this will impact any lease agreements.Remember that both you and the buyer are trying to negotiate the most advantageous price, and negotiations are never personal. Don’t take negotiations personally: Never take negotiations personally or expect your full asking price to be immediately accepted.Keeping the business’s reputation intact is important otherwise, the value of your company will be diminished. This includes maintaining the property and equipment, sustaining inventory levels, and maintaining a good rapport with all stakeholders. Run your business as usual: To prevent employees, competitors and customers from questioning the status of your company, continue to run your business normally. ![]() This contract will safeguard your privacy and your business’s value. Protect your confidentiality: Require anyone involved in the business’s sale to sign a confidentiality agreement.Failure to maintain the confidentiality of the sale could be interpreted by competitors or customers as a sign of weakness, thus diminishing your company’s value. Sell discreetly: Selling your business as discreetly as possible will protect your privacy and your business’s value.Be accommodating: If you are accommodating to potential buyers, they will feel more comfortable with you and will be more likely to trust you, which will make negotiations easier.Having everything done ahead of time by a professional will also make things easier for you. This will allow you to provide accurate information in a formal fashion very quickly, giving the buyer the impression that you are being professional and have nothing to hide. Prepare your financials: By having this information ready early in the process, you will be fully prepared when a prospective buyer asks for these documents.Some of the insider tips that our business brokers frequently provide include: This advice is meant to help you better understand the sales process, prevent costly mistakes, and ensure that the sale goes as smoothly as possible. Tips for Selling Your BusinessĪs part of our commitment to assist business owners with the sale of their business, we will also continually provide you with advice. In doing so, we are able to: reduce your stress, save you time, prevent costly errors, protect your privacy, safeguard your company’s value, and allow you to focus on continuing to run your business. ![]()
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