4 Tips for Selling Your Business

Would you like to sell your business?  Looking for some simple tips?  If you are then we can help.  Here are some quick tips for selling your business.

First, make sure your accounting books are in good order – most buyers are going to want clean, understandable, and organized financial records. It is advisable to have an accountant who specializes in small business tax preparation to assist you in this step.

Second, selling a business can be a complex process and it often is advisable to seek the help of a professional business broker.   Business brokers are akin to a real estate agent in the home selling/buying process — they help facilitate the sale or purchase of a business.   Brokers can assist in many ways – they can help you properly price your business, market your business for sale, and once a buyer is secured can help facilitate the transaction.  Because brokers have done many transactions, their experience is invaluable to help you avoid potential pitfalls and overcome potential obstacles which may slow or stop the sale of your business.  Brokers are well connected and can bring to the table an experienced team of accountants, attorneys, financiers, and other needed professionals that help make the deal happen.  To find a business broker near you, visit our directory page. For those who perhaps have more background and experience, Businessdirect.com.ng does offer a FSBO — for-sale-by-owner option whereby a business owner can post their own business-for-sale advertisement to attract potential buyers.

The third tip is — be patient.  It can take some time to find the right buyer for your business.   In today’s economic environment, it is not unusual for it to take 6-12 months to close a deal.

The fourth and final tip is to be realistic.   In many cases, business owners are overly optimistic about the value of their business – it is important that the business owner be realistic when considering what price their business is worth.   It is advised to compare your business to other similar types of businesses that have sold in the last 12-24 months to get an idea of what price range might be appropriate for your business.

Hopefully these tips have help and we wish you all the best!   Thank-you.