Business > Legal & Law

5 Steps to Selling Your Business

What should you do now that you've decided to sell your business?

You may find the process of selling a business to be overwhelming, especially if you haven't done it before. There are various issues to consider before proceeding with the sale, including the timing of the transaction and logistics.

First, you must accept that the process to sell your business in Atlanta is appropriate. This would be difficult for many small business entrepreneurs, especially if they started it from scratch.

There are several reasons why entrepreneurs sell their enterprises. Selling your business can be highly satisfying, whether you're preparing for retirement, overworked, or just ready to move on. However, following the right procedure is also important. Make sure to check out the 5 important steps to do so.

Step 1: Assess Your Business Value

The majority of business owners believe they have a good grasp of how much their company is worth. However, in many circumstances, the figure in their heads is significantly higher than the actual value.

So, before you advertise your home for sale at an excessively high or low price, consult with a business valuation professional. In the case of a third-party valuation, you will receive a fair estimate of the value of your firm.

Step 2: Get Your Finances in Order

After determining the company's worth, manage your finances. Some of you will find this easier to do.

Accounting records are inspected when selling a business. Your financial statements will be scrutinized by prospective buyers, lawyers, accountants, third-party valuation agencies, brokers, and experts. Your bookkeeping must be flawless to enable seamless operations.

Any errors or disarray in these documents may turn off potential purchasers.

Step 3: Hire a Broker

When selling a business, you have two options: sell it yourself or take the help of a broker.

You could sell the company on your own if you sell it to a family member or a trusted friend. This saves you money on brokerage fees.

In most cases, though, employing a broker is the best option.

Step 4: Find Qualifying Buyers

There are two important words in this step – pre-qualified and buyers.

There are several reasons you'll want to accept a variety of bids. Let us inform you that there is no guarantee that every offer will be genuine. Selling a business involves the disclosure of confidential information.

It is very much possible that the competitor, or someone working on behalf of a competitor, may make you an offer to review your documents and business. Do not, under any circumstances, give out that information.

Step 5: Finalize Contracts and Legal Documents

After discovering a qualified buyer and accepting an offer, it's time to finalize the purchase agreement. Everything becomes a little cluttered and unclear at this point. Consequently, you will almost certainly want to delegate the majority of this stage to your lawyer.

Following are a few examples of standard legal documents and contracts that are linked with the process to sell your business in Atlanta:

·         Buying agreement

·         Commodities

·         Non compete agreements

·         Website usage and domain name rules

·         Receipt of sale

·         Security alliance

Burns Valuation Consulting

author

Burns Valuation Consulting has over twenty years of experience in business valuation, strategic planning and analysis, and real estate brokerage. Business valuation is a process in which a set of procedures are used to estimate the economic value of

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