Selling a small business is a complicated process that requires the help of a broker, accountant and an attorney. Contrary to popular belief, the sale of a business isn't necessarily a profitable one. If the business is taking a downturn or you sell at the wrong time, you may walk away empty-handed.
These six considerations will help you navigate the selling and negotiations processes.
1. Why are You Selling the Business?
Why are you selling your business? This is one of the first questions buyers will ask, and your answer will almost certainly affect the buyer's interest.
Maybe you want to enjoy an early retirement, or you feel you're overworked. Maybe you're bored with the business or a dispute with your partner has made it impossible to work together. In some cases, business owners sell because of an illness or a death in the family.
Of course, some businesses are put up for sale because they are no longer profitable. In this case, finding a serious buyer can be a challenge. Taking steps to increase profits before you sell may improve your chances of finding a buyer.