Running a business can be very stressful and after a while the pay and the time you put in might not suit your needs or be viable anymore, so for some people their only option is to sell up their business. It may be a hard time but putting your personal life aside is essential to keeping focus as the road doesn’t end until the business has a new owner. There are several factors to consider when thinking about selling your business, so here are a few pointers to head you into the right direction (alternatively you can check out this site).
Do you really want to sell?
I know it seems like a silly question but it is an extremely important one as you may have quite an attachment to your business, especially if you have spent years trying to mould it. Don’t let small things spoil a good business and don’t run from the second rung of the ladder. You need to make sure that it is something you truly want and you should also discus it with family members as they may become directly affected by the loss of your business.
Who do I contact?
When selling up there are several ways you can advertise yourself. The best of which are things that are completely free such as word of mouth with family and friends or by using social media such as Facebook, Twitter and Google+, you can even use free listing sites like Gumtree. Failing that you can always place a paid advert on Facebook, in a newspaper/magazine or in a directory. Either way there are lots of people and even websites that can help you find the right people to sell your business to.
What happens once people are interested?
Every time someone contacts you saying that they would like to find out more about your business, do just that. Make sure that you meet with people face to face (as over the phone is less professional) and when you meet them be sure that you have all relevant documentation and have answers to any question they may ask. The second you don’t have an answer for a question is the second a buyer will loose interest. Meet with as many people as possible, making sure that they are financially secure and have the passion to drive your business forward.
The act of actually handing a business over it not completely clear cut and nor is it as easy as just selling it. There are legal documents that need to be filled in, signed and given to certain people and organisations, depending on what business you are selling there may be licences involved as well. If you don’t have that much of a business head about you, a good idea would be to pay someone to help with the transition as there are many documents that need to be scrupulously written and read through to ensure that the new owners can get on with creating a name for themselves without any hiccups.
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Guest post by daltonsbusiness.com