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If you’re thinking of selling your business and moving on, here are the steps you’ll need to take.

Give it a Lot of Thought

Selling a business is a huge step to take, so it’s not one that you should rush into. It’s essential to think it over and consider the pros and cons of a move like this before you actually go ahead with it. It’s the kind of decision that can’t be reversed, so it’s important to be sure that you are doing the right thing for you. Once you are 100% certain that selling up is the right thing to do, you will have to take the steps you’ll find below.

Get the Value Right

The last thing you want to do when you’re trying to sell your business is undersell it. If you put your blood, sweat and tears into developing that business, you want to get a fair price for it. At the same time, you don’t want to set the asking price too high. This can lead to a lack of interest from potential buyers. You should look at the business analytically and come to a reasonable valuation. You can follow the link to learn about the key aspects in finding the true worth of a business.

Consider a Broker

You have two options when it comes to selling your business. First of all, you could go it alone. This is a risky option but you can save money on broker fees. Alternatively, you could sell the business with the help of a broker. This makes the whole process a little easier on you because someone else will be doing the complicated things for you. This means that you can focus on other important issues relating to the sale of your business. It means the price might be worth paying.

Prepare the Documents

If you’re going to sell your business, you need to have all the documentation in order first. Anyone who is seriously interested in buying the business will want access to those documents. These might be financial documents or documents relating to its ownership. If the potential buyer asks to see this information, you’re going to have to show them quickly. You need to have it all organised before you even start to advertise the business. That way, you’ll be prepared and won’t be left scrabbling around for papers later on.

Exchange Contract

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Find a Buyer

The final step is to find someone or a group or people willing to buy the business. It’s not always easy to do this, and it might take a long time. It’s important to remember that selling a business can take a couple of years in some cases. It’s a long process, and sometimes buyers change their minds and drop out of the purchase at short notice. You can use many different advertising channels to appeal to buyers and show them what you have to offer. If you do decide to use a broker, a lot of the hard work will be done for you.

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To your success,

Vinh Van Lam & Stuart Horrex

Your Coaches CoSydney & ArtSHINE


About The Author

I am a Business LifeStyle coach who specialises in working with artists, designers, crafters and all creative professionals. Myself and my partner Stuart Horrex are here to help you to achieve your Life & business goal and dreams. We have had over 20 years experience in finance, retail,furniture,food,wine fashion,crafts and hospitality.

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