When preparing a business for sale, it is essential to concentrate your efforts on maximising its value.
There are several stages to the process but they centre around analysing where spending can be cut and where spending needs to increase in order to gain ‘quick wins’. These enhance how your business looks on paper and help you optimise the business’ strength in order to fetch the highest possible sale price. Profitability is important when selling a business. Therefore, do what it takes to show that your business can make money for the prospective buyer, and you never know, you may even reap the benefits in the short-term as well. Once you are confident that the value of your business has been maximised, the next step is to seek the help of a solicitor or an accountant who can advise on the most appropriate valuation technique to use for your business. Marketing the business as up for sale is the next step and listing your business in a ‘businesses for sale’ publication can be an effective way to target genuine prospective buyers saving you time and money.