Selling any business is complex work that requires proper planning to execute. Whether the sale is profitable will depend on factors such as the purpose of sale, timing, business structure, and how well the business is doing. Here are key factors to consider when selling your small business in Florida.
Plan Early
A business sale can take months or years to complete. This is because of all the complex and detailed activities involved in the process. Planning early will give you time to improve your customer base and financial records before putting your business up for sale.
What’s Your Business Worth?
Before selling your small business, you’ll want to determine its worth. This way, you won’t price it too high or too low when putting it up on the market. To get the value of your business, you’ll need to hire an appraiser who will go through your records and then provide a detailed explanation of its worth. Having this information will help you price your business properly when you finally decide to sell it.
Prepare Your Florida Business for Sale
Just like any other product sale, you’ll want to spruce up your business before putting it up for sale. Start by getting your finances in order with the help of an accountant. You’ll need to gather your tax returns and financial statements dating back four to five years and review them. All buyers will require detailed information about your financial status and having necessary documents ready will smoothen the process and help you get the most from the sale.
Should I Use a Broker?
Selling a business without the help of a broker will allow you to save money. This would also be an ideal option if you were selling the business to a current employee or to a trusted family member who already understands how the business works.
However, selling the business yourself also means that you have to handle everything yourself, and this can be overwhelming. You’ll find it beneficial to work with a broker than alone. Business brokers will handle all the complexities involved with the sale, giving you peace of mind and making sure the sale is profitable.