Tips for selling your existing business:
- Contact a Certified Financial Planner who has experience with business transactions and capital gains. Structuring the sale to avoid unforeseen tax consequences can save you a lot of money over time.
- Make sure all of your records are in order for the past few years, including tax forms, employee records, leases, equipment purchases, real estate transactions and other financial documents pertinent to the business.
- Have your business valuated by a third party, if possible, who can provide a more objective and less emotional snapshot of your business to potential buyers. Not only will this be more credible than your own “sales pitch”, it will speed the transaction and help you sell it for close to your asking price.
Market your business through a For Sale by Owner online directory before taking it to a business broker. Sites like BizSale.com can help you connect with a targeted audience of potential buyers without the need for a middleman. This site will also provide you with useful tips for selling your existing business.