31 Jan 2018, 09:24 — 3 min read
If you are a business owner looking to sell your business but don’t know where to begin, you are not alone. Every year, thousands of business owners are looking to sell their businesses, raise investment or form partnerships for growth. It is important that thousands of buyers and investors, have hassle-free deal discovery close multiple deals from various sectors like healthcare, IT, pharma, fintech, education, manufacturing, and hospitality. Here are key tips that can help your business prepare for sale:
Prepare your business for sale
Often overlooked by many first-time business sellers, preparing your business for sale is a crucial first step. When should you start? Ideally, the day you decide to sell your business. What should you do? The idea is to identify the areas that can be addressed within a specific timeline (anywhere between 1 - 6 months) which will help you secure better value for your business and/or smoothen the process of selling.
Reach your target audience
A common mistake that many business sellers make is approaching the sale process through a mass-marketing medium. For example, while classified ads in newspapers have a broad reach, what is the probability that a buyer matching your requirements will actually go through that ad? Not to mention that it will burn a hole in your pocket.
In the interest of your business, employees and customers, it is best to protect the identity of your business as well as your own identity until a buyer is seriously interested in your business. Before you make these choices, do not forget to factor in the reputation and credibility of such professionals, and the costs that you would need to incur.
Keep up the momentum
Many sellers start the sale process well, but do not focus on keeping up the momentum. Engage in a dialogue with buyers. Eliminate insincere prospects, and keep the conversation flowing with serious buyers.
Seek help from professionals
When you are stuck, it might be time to seek help from outside. Deal consultants, chartered accountants and seasoned negotiators are some of the people who can make your life easier. Before you make these choices, do not forget to factor in the reputation and credibility of such professionals, and the costs that you would need to incur.
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Posted byBhavin Sanjaybhai Bhagat
Indiabizforsale is network of online platform and offline events to matchmake businesses seeking fund, or selling out option with companies/private investors looking to...