Tip #130: Selling the Business Takes Time. Here’s How to Prepare

Tip 130You finally made your decision to sell your business, congratulations! You’ve taken a big step! However, even though you’ve come so far, you still have far to go. There is a long process ahead of you and you need to prepare yourself mentally for what lies ahead.

Unfortunately, even when it looks like everything’s squared away, your buyer can still back out at the last minute. In many cases, this isn’t in your control. Still, there are steps you can take to avoid this from happening.

The most important thing you can do is to mentally prepare for the process ahead. Here’s how you do that:

  1. Be ready to survive the scrutiny of due diligence. A qualified buyer is going to look at every detail of your business, so leave no stone unturned during your preparation.
  2. Nothing is over until the business officially changes hands, so stay present in the process until it’s all said and done. Check out our past tip on how to prevent the sale of the business from falling through at the last minute.
  3. Make sure your key financials are in place. Here’s a good place to get started.
  4. Have key employees in place. Ideally, your business will be set up so that it can function without you.

Ultimately, all is well that ends well. You only need 1 qualified buyer, so if one backs out, it isn’t the end of the world. The best way to alleviate pressure from selling your business is to hire a business broker. To get started, contact The Bridlebrook Group.