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Get Ready To Sell Your Business

Sell my business. Tampa Business Broker. Business Valuations.

Get Ready To Sell Your Business

When you go to sell your business, even if you are not planning on selling anytime soon, it’s important to be fully organized and prepared. This means having all your key documents in order and accessible at any time.

Centralize Your Documents To Sell A Business

First, centralize all your documents. For example, if you have a lease, put it in the same spot as your profit and loss statements and your tax returns. If you own the real estate, have all related documents organized in one place. The same goes for employee contracts, supply contracts, and any other business-related documents. You might think you can find them when needed, but it’s better to have everything consolidated in one place.

If you don’t do this, you will find yourself frustrated and using up a lot of time unnecessarily. As individuals looking to buy businesses of often said, they get a bit nervous or even suspicious when someone is selling their business and doesn’t have the right documents that their fingertips. Sit back with your Business broker and go through a list of all the different things that you might need. We can send you a list if you see this and want to reach out to our main office.

Think of items like all your financial records and your tax returns, but also any contract you might have in place, and a summary of all the different marketing things that you’ve done over the years, and documents, etc. Your business broker can help you through this process. But just make sure you’re organized. Think of everything you could possibly need.

Checklist for Organizing Your “Sell My Business” Project

Create a checklist to ensure you have all necessary documents ready. Even if it seems comprehensive, it helps you ignore things that don’t apply but keeps you aware of what you need to organize. This is crucial because when a prospective buyer wants to make an offer, they will want to see all these documents to verify your financials and ability to take over the business.

 

Remember, “Time kills deals.”

Importance of Timely Organization

Momentum and moving forward build confidence in a buyer, while delays and disorganization can dishearten them and sometimes even the banks that might lend for the sale of your business. It may take time to get organized, but don’t rely on thinking, “I can find all that information when needed.” Instead, do it now. For instance, ensure you have complete tax returns for the last five years at your fingertips, not requiring a call to your accountant who might be unavailable.

Why Get Organized to Sell a Business  Now?

The reason to organize now is that unexpected opportunities or needs to sell may arise. Hopefully, it’s not due to something tragic forcing you to sell before you want to. However, life happens, and being prepared is always valuable. Sometimes, someone may walk in and make an offer too good to refuse, or larger companies might want to acquire businesses like yours in the area. If you agree on a price and then scramble to organize, you may look unprofessional and take too long, causing the buyer to lose interest.

Get Business  Broker Help if Needed

Getting organized might seem like a daunting task that people keep putting off. However, it’s worth spending a little time or even recruiting a business transition support to help out. A Tampa Business broker or Business broker Tampa can assist with this process.

Key Takeaways

  1. Centralize all key documents.
  2. Create and follow a checklist.
  3. Get organized now, not later.
  4. Consider hiring a Tampa Business broker or Business broker Tampa for assistance.

Knowing what is my business worth and conducting a business valuation are crucial steps in this process. Being prepared can make all the difference when opportunities arise or when you decide to sell your business.

 

Here are a few tools and resources you might find useful. Check them out and use them as you will.

 

Business Value Score: https://score.valuebuildersystem.com/legacy-venture-group/brian-stephens

FREE E-Book: https://bit.ly/3K0oTYN 

SIGNUP FORM

https://bbms.biz/listings/bbf-883/buy-enter.asp

https://buybizusa.com/seller-registration/

Great Video: https://bit.ly/3yg9D7x.