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What Should You Do to Prep Your Business for Sale?

Image with background business report information and a To Do List in the foreground with a pen

We’ve put together a quick list of the steps you should be ready to take.

1. Make and commit to the decision. Be honest with yourself about whether you really want to sell.

2. Don’t talk to your employees. Trust us on this one. The sales process will go much more smoothly.

3. Get your financials in order. This includes leases, inventory, accounts payable and accounts receivable. Every potential buyer will want to look over these numbers so having them on hand will save everyone time and make you and your business look more appealing.

4. Pull yourself out of your business. Take your name off the menu. Take your tchotchkes home. Start the process of stepping away. Potential Buyers want to know that the business is about the business, not about you.

5. Clean up. This should be a given. Organized businesses are easier to sell and go for higher prices. Put your best face forward and impress every potential Buyer.

6. Get your business valued by a First Choice Business Broker. We’ll help you determine how much your business is worth and whether or not it’s the right time to sell.

7. Prepare all the information and documentation that your Business Broker requires. We’ll let you know what we need.

8. Be ready to meet with potential Buyers and answer any and all questions they have, no matter how difficult.

9. Work with your Business Broker as though you’re on the same team. Everything is easier when we’re both on the same page.

10. Be honest about your business. The second a Buyer finds something isn’t on the up and up, they’ll move on without hesitation. This is the most important part of prepping your business for sale.

As you start preparing your business for sale, be sure to reach out to First Choice Business Brokers of Houston for additional insights. We’re here to help make the business sales process as smooth and successful as possible.