As a solo entrepreneur, you know that running a company doesn’t have to involve dozens of employees or multiple locations. You might run your business from your laptop at your kitchen table or a small office in the middle of the city, but it’s still your own company!
Many solo entrepreneurs make the mistake of thinking it’s impossible to sell their businesses, but the truth is that you can sell your business with the right help and preparation. Use these tips to earn every dollar you deserve for your business.
In most cases, selling a business is not quick. You should expect your sale process to last anywhere from one to four years, depending on your situation. It’s vital that you plan ahead for the sale of your business in order to attract the best buyers and defend a high asking price.
Take the following steps to plan ahead so you are prepared when a qualified buyer crosses your path:
- Keep updated records
- Create a detailed business history and sales portfolio
- Recommend strategies for your successor
Clean Up Your Financial Records
Your business financial records will be closely analyzed during the selling process. Prospective buyers want as much transparency as possible, so they will perform laser-like due diligence to find any potential red flags.
You can pass this evaluation with flying colors by working with an accountant to organize your financial records and present a clean financial history. You should be able to provide year-to-date results to interested buyers without blinking an eye.
Use the Right Business Broker
Working with the right business broker can make all the difference in your ability to sell your one man show. You aren’t a business sales expert, and thanks to the help of a business broker, you don’t need to be. Your business broker will perform tasks like valuating your business, creating a prospectus, finding buyers, listing your business, and negotiating the best deal.
Taking the time to select a highly qualified business broker will pay off when your business sells quickly and for top dollar. Call (813) 750-0275 today to speak with a broker at Tampa Business Broker and discuss your unique needs. The team at Tampa Business Broker is committed to advising, appraising, and advancing your buying and selling objectives.