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Things to Do Before Selling Your Business

Woman negotiating selling her business

Selling your business to move on to a new venture or retirement is an exciting time. However, some factors need to be in order before you can start this process. By the end of this article, you’ll know what to do before selling your business.

Do Some Housekeeping

No—not around your home. Before you can begin the process of selling your business, you must ensure your books are accurate. The first factor anyone is going to ask about is your revenue, expenses, and most importantly, your profits. This will help you and buyers understand your business’s value.

Communicate With Your Team

It wouldn’t be fair to not communicate your departure from the company; your employees deserve to know that there will be a new owner. If you don’t want to talk with each employee or hold a large meeting, you should at least discuss this with your fellow senior managers.

Hire a Broker

Confidentiality is crucial in selling your business—said confidentiality is one of the major benefits of hiring a trustworthy broker. They will protect your privacy and assist you in navigating through the business-selling process.

Don’t Neglect Customer Service

Many buyers will discreetly visit the business they’re inquiring about because they want to see the organization, customer service, or store (if applicable). This gives them a sense of how much work they may have to put in to fix processes or repair the facility. That said, this means that you can’t ignore quality customer service just because your business is for sale. If you do ignore it, you could lose potential buyers that visit the location.

Prepare Emotionally

Lastly, one of the most important things to do before selling your business is to prepare emotionally. Selling your business is a bittersweet experience, because you’ve worked so hard for so long to build a successful business. On the other hand, you’re ready to retire or start a new business. Regardless, you’ve come this far—now it’s time to let someone else take it reins.

Whatever the case may be, you’ve made the decision to sell your business. Now your focus should be on ensuring the process goes correctly and efficiently.

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