Successful North Carolina entrepreneurs are aware that working to achieve a prosperous business is not an easy task whether they started it from scratch or bought it as an established business. Likewise, trying to sell one may be just as difficult. Here are several tips for entrepreneurs who, for one reason or another, are making plans to sell their business.
One important factor for entrepreneurs who are planning to sell their business is to realize that the process is usually long. Unless events occur that are beyond the owner’s control and the business must be sold quickly, it takes the average business owner a year or more to sell his or her business. During that time, business owners can prepare for the sale as well as plan and set goals for their future while keeping the business running as smoothly as possible to attract potential buyers.
Along these lines, it is also a good idea that business owners to keep their business property looking presentable whether they own an office, storefront, manufacturing plant or warehouse. First impressions are important; therefore, the business’s exterior should be well kept and attractive.
The business record keeping should be neat and organized as well because accurate records are vitally important to the sale of the business. Whether potential buyers are experienced business owners or not, they will usually want to see the company’s financial records and business plan. These documents will give a clear picture of how much income the company is generating and its strategies for future growth. These documents may also have an impact on the final sale price.
Selling or buying a business can be complicated due to local, state and federal codes and laws. Individuals who want to buy or sell a business might want to get advice from a business law firm before making any decisions.
Source: Business, “7 Tips for Selling Your Business as the American Dream”, Bruce Hakutizwi, 09/29/2016