2022 is the perfect time to think about selling your business. The team at Business Brokers Plus has years of experience that will allow you to exit your business seamlessly. We have put together three steps for exiting your business in 2022.
1. Make Sure Your Business Finances are in Order.
Your first step is to make sure that your business finances are in order. You will start off by creating a pre-sale to-do list, including areas in need of improvement and key strengths that may help attract buyers. The benefit of this action is that it shows you ways to improve the value and saleability of your business. Put yourself in the shoes of the buyer and think about which areas they will want to examine when determining whether or not your business is a good purchase prospect. Buyers are typically attracted to businesses with low risk and opportunities for growth.
2. Create Your Improvement Strategy.
The second step is to put an improvement strategy in place. It does not matter whether your business has been declining or is closed, it may have valuable real estate in a prime location, or even valuable equipment, saving buyers time and money from an expensive build-out. If it’s a restaurant, retail, or service business, this is your opportunity to fortify your business with a strong digital presence showing its upside potential through e-commerce. Digital usage has accelerated dramatically in recent years and more customers are expecting businesses to offer some sort of virtual or online service.
3. Plan Your Retirement
Work is a major part of your life. What are you going to be doing during your retirement? As a business owner, you have spent years relying on monthly revenue to support your way of life. Put a plan in place to ensure you can support yourself once the business is sold. If you sell the business now, will the proceeds give you enough money for retirement? Now is the time to increase the value of your business to receive an optimum price when it’s sold. Also, consider the future of your business. Perhaps now is the time to think of any relatives or key employees who might be interested in taking over the business. You may decide you’d like to stay on as an employee or as a consultant to the new owner. Or, you may want to leave once and for all.
Selling or buying a business can be stressful, but it does not have to be. Contact us today, we are ready to help.