How Long Can I Count On Fix-A-Flat To Last Listing a Business For Sale

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Listing a Business For Sale

Listing your business for sale is an experience most business owners are unprepared for. Too many small business owners compare the experience of selling a business to selling a piece of property. However, any experienced business broker can tell you differently. This article will touch on some of the key factors that suggest it’s a smart move to plan properly before listing your business for sale.

Business performance should show improvement

If your business is stagnant and profitability is declining, a buyer may not be very interested in buying it. Spend the months (or years) it takes to showcase a thriving and growing company. If sales are declining, determine why. Maybe you need to refocus your sales efforts or add new products to your mix. If your margins are shrinking, review all of your costs to determine if there are savings that can be realized.

Organize your financial information

Spend the time and money it takes for an accountant to prepare financial statements. Don’t look at this exercise as an additional expense, but rather as an investment. When the time comes to sell your business, then you will have better luck with the buyers and they will have more appeal with the bank when they go to finance the acquisition.

Documenting processes takes time

A business where success depends largely on one person has what is called key person risk. These are businesses where the enterprise will suffer if the key person leaves the company. These types of organizations sell at a discount because the buyer may have challenges transferring the company’s reputation to themselves after the sale. Try to eliminate this situation if it applies to your company. Document procedures and educate your customers that there are other people and resources in the business they can turn to.

Update the machines

Keep track of all your equipment maintenance. Repair or replace broken or obsolete equipment. If you wouldn’t be interested in buying it, ask yourself, would the prospective buyer?

Clean up unsellable inventory

Go through your inventory and count carefully to get an accurate amount. If you have outdated or inventory that is damaged or unsellable, then dispose of it.

Tax and legal planning

Talk to your professionals to get proper tax guidance before listing. How you structure your business for sale can have a big impact on your net tax liability after the sale. Also work with your attorney. If you have pending legal issues, such as lawsuits or employee disputes, try to resolve them before listing them.

These are just a few factors to consider before you actually begin the process of selling your company. There are certainly more as each business is unique. Work with a business broker and other professionals to discuss things you can do immediately that will help pave the way to a successful sale.

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