Selling your business is a huge step in your life. It takes years to build a business and you must have your reasons for taking this huge step. However, before you proceed to sell your business, you may have to create a checklist to ensure that you get the right value and everything goes as smoothly as possible.
Why selling your business is such a huge step
A business is not built overnight. Many people work together for years, even decades, to make it grow and survive the ups and downs of the market.
A business holds emotional value for its owner. It is like nurturing a plant. You water it daily. You give it adequate sunlight. You try to protect it from unwanted pests. Same goes for business. You put hard work daily. You stay up for odd hours. You try to survive the competition in the market.
Nothing lasts forever. You started this company once. Put your entire life in its growth. Selling it will not be easy.
Some prerequisites before you sell your business
A business is not just about you, even if you are the owner. There are workers, your vendors, and other people who have worked hard for years with you. You must keep them in mind before proceeding with the sale.
You must also evaluate your company’s value.
Another important thing to do is to learn about taxes. You must know how much profit you are going to make after paying taxes on the sale.
Last but not the least, find a genuine buyer. You may find people who are willing to pay very low. Or, you will find people who will offer a higher price but they might be fraudsters. Beware of such people!
How to find the true evaluation of your company
There are two methods to find the true evaluation of your company.
- Find a business broker. He will do the maths and will evaluate your company’s value. Generally a broker’s calculations are based on the market price and your current yearly turnover.
- Second option is to seek help from online business selling platforms. These platforms will ask you to fill information like your last two year revenue, profit, and other specific data. They will give you a selling value of your company.
Benefits of using online business selling platforms
The biggest benefit of using an online business selling platform is that you are going to save money on the brokerage. You may have to pay a small fee to them for using their services. However, that pay will be negligible compared to the brokerage you are supposed to pay to a broker.
Find genuine people buyers without much hassle
You can also find genuine buyers on an online business selling platform. You can find people in your vicinity if your business is stationary. For an online business, you can easily find buyers from all over the world. A broker will not be able to give you so many options at such a low price.
You have created this business with your sweat and blood. Make sure it goes in the right hands.