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Quick Guide to Selling a Business

If you are a small business owner looking to sell your business, there are several different factors you may want to think about. You will, or course, want to get the most out of your business, so the timing of your sale should be considered. It can take much longer to sell a business, and you may have to settle for a lower price, if the timing isn’t right. If a business owner decides to sell their business after years of steady growth rather than right after the business begins to grow, they can generally get a higher price. The current status of the stock market and the economy as a whole at the time of sale should also be considered.

When preparing to sell your business, it is recommended that you prepare a presentation or information pack detailing the financial, legal, marketing, and operational information of your business. This provides prospective buyers with a well-rounded idea of how your business is currently being run. Once you have made a deal with a buyer, financial statements will need to be verified, the business license will need to be transferred, and financing options will need to be discussed, among other things. It is usually helpful to draw up a contract detailing the specifics of closing the deal.