It’s a hard decision to make, but you have decided: you want to sell your business. The pros of selling outweigh the negatives, so it’s time to put it on the market. Still, just because you have made a decision doesn’t mean that you are going to get a quick sale. The truth is that businesses can take months and even years to sell. If you want the money fast, you’re going to have to take matters into your hands. Here are a few things you can do to speed up the process.
Give Your Reasons For Selling
Investors are a cagey bunch, and they will think there is more to your position than you are showing. For instance, they will wonder whether the business is losing money and going bankrupt. After all, why else would you sell? You have to show them that you’re not selling because you are jumping ship – you are selling because you want to move on. Let all the interested parties know your reasons for selling to put their minds at ease.
Time It Well
You need to perfect the timing to sell a business quickly. Preferably, you need a year or eighteen months to get everything in order. That way, you can use the time to solve any issues or problems that might jeopardize the sale. Go over the books and make sure that they are transparent and in order. Also, try and strengthen your customer base so that you are in a better position. These changes will help make the transition easier for the buyer, which will make the sale go quicker.
Get An Independent Appraisal
You need a valuation if you are going to make any sale. Otherwise, you won’t know what price to set. However, you need to make sure that you get the best possible appraiser for both parties. There can’t be any grey areas if you are to sell a small business because grey areas are unknown. The buyer will wonder whether they can trust you and the person you hired. But, if you have a reputable appraiser, they won’t be able to make assumptions. Then, you don’t have to waste time arguing over petty details.
Be Flexible On The Price
By all means, get the market price for your share. But, don’t go overboard because it will put buyers off the sale. The trick is to find a price that suits both parties. If you can find the middle ground, the sale will go through in no time. A good trick is to think of a price that you won’t go below. Then, you have plenty of wiggle room for the negotiation process.
Offer It Internally
They may be someone that wants to buy your share that is already a part of the firm. From their point of view, they don’t want a stranger coming in putting their job at risk. Plus, they can consolidate power by buying a majority share. Always float the offer to your partners first before you go public. They will want to get the deal don’t quickly and without a fuss.