Selling Your Small Business

The business experts at Corporate Business Solutions strategically work with business owners to assist in creating the most beneficial exit strategy that best suits the business owner and the business.  If you’re considering the sale of a business, here are some of the things to consider when choosing an exit strategy:

1. Timing of the Sale- Prepare for the sale as early as possible, preferably a year or two ahead of time. The preparation will help you to improve your financial records, business structure and customer base to make the business more profitable. These improvements will also ease the transition for the buyer and keep the business running smoothly. 
2. Schedule a Business Valuation - You should determine the worth of your business to ensure your asking price is accurate. When you have a business valuation with Corporate Business Solutions, we will draw up a detailed explanation of the business's worth. The document will bring credibility to the asking price and can serve as a gauge for your listing price.
3. Prepare Documents- Gather your financial statements and tax returns dating back three to four years and review them with an accountant. In addition, develop a list of equipment that's being sold with the business. Also, create a list of contacts related to sales transactions and supplies, and dig up any relevant paperwork such as your current lease. 
4. Find a Qualified Buyer-A business sale may take between six months and two years according to SCORE, a nonprofit association for entrepreneurs and partner of the U.S. Small Business Administration. Finding the right buyer can be a challenge. Get two to three potential buyers just in case the initial deal falters and stay in contact with the potential buyers. Find out whether the potential buyer prequalifies for financing before giving out information about your business. If you plan to finance the sale, work out the details with an accountant or lawyer so you can reach an agreement with the buyer.

To learn more and / or to schedule your complimentary appointment with the experts at Corporate Business Solutions, call us at 877-357-9366.