Selling a Business at a Profit in 2021

Best-kept secrets for selling a business in 2021

Selling a business can be extremely stressful if you don’t have the best brokers on the job since many factors affect the process and getting a market-related price. The first and most important step is finding experienced brokers to help you through the process. Professional brokers have the skills to assess your enterprise and tell you what amount you can respectively get for it. With reputable brokers on your side, you can sell your project in no time.

Besides brokers, what else do you need and should do to succeed in the sale? Read on as we share some of the best-kept secrets for selling a business in 2021.

Plan ahead and start the preparations

Timing is everything when it comes to the sale. Sometimes you don’t have the luxury of spending months preparing before you put your venture up for sale. But if you’re not selling a business urgently and you take some time before starting to advertise, it can be super beneficial to you. Get in touch with our brokers and find out what you need to do to get the most out of the sale.

For one, the interior of the store, restaurant, bar, workshop, gym, etc. must be pristine. First impressions count. An untidy space gives the impression that you don’t care and that makes buyers wary. Gather all the paperwork that you will need. View our seller checklist here for more information on what’s essential.

Get the financials in order

Contact your accountants to go over the financial records for the past few years. They should also analyse your tax returns. It’s vital that you know what your expenses and profits have been for at least three years, or, if in operation, less than that, for the period in which you have operated. Serious buyers want to see the financials. If you haven’t done bookkeeping, take an extra six months to get everything to look better if it hasn’t been going too well.

If sales are at an all-time low, then you might want to consider changing that before you go. Remember that a new buyer will be interested in knowing if the business will make money from the start. Compile a list to state which stock, equipment and other assets will be sold as part of the concern.

You can also provide a basic guide for potential candidates to see how your business operates. The more work that’s already been done, the less the next owner will have to do.

Screen the buyers

Not every buyer that walks through the door is eligible to purchase it. Some may take more time than others to get financing, while some might have the cash on hand, and some might have investors to convince regarding the profitability of the venture.

Screen the buyers in terms of their experience, objectives, available working capital and financial stability. Fortunately, if you partner with our brokers, they’ll handle the screening part.

A final thought on selling a business at a profit in 2021

With an experienced broker, selling a business can be a breeze. Let us help you sell at the best possible price with the least amount of stress. Find a broker here to get started.