900 N. Kings Highway, Cherry Hill, New Jersey 08034
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Fax: 856.667.3652
The Online Advisor - January 2000
How to get your business ready for sale
"Sell my business? Never!" So say many small business owners. Yet unless you go broke or die on the job, chances are you will eventually consider selling your business. For some, enjoying a secure retirement means selling.
Where do you start? Can you make your business attractive and command a higher price? How do you find buyers and negotiate the sale? Here are some essential steps:
- Tighten up. Cut unnecessary operating expenses that sap profits. Go over your financial statements line by line. If any item doesn't contribute to profitability, ax it! Smart business decisions lead to better looking financial statements.
- Clean up. Get rid of unneeded items that can make a business look like a cluttered garage. Clutter tends to collect wherever people do. If you can't get rid of clutter, organize it. Clean and paint to brighten the work environment. Replace burned out bulbs and add lighting to dark areas. Would additional windows help? Replace unsightly furniture or fixtures. Make your business appealing to workers, customers, and buyers.
- Get help. If you're like most owners, you're an expert in your field, but a novice at selling your business. Fortunately, there are professionals who can help you get the best price for your life's work. Unless you have potential buyers pounding on your door, you will probably need help.
These three steps are only a start. Your preparation requires planning, effort, and a fresh look. If you're thinking of selling your business, we can assist you with the related financial and tax planning aspects of the transaction.