Business selling process is a serious business and you should make sure that you do it right to avoid any problems that may arise. To help you sell your business professionally, there has been a rise of professional platforms that, if cautiously used, they can give you any support that you may need and guide you to sell your business fast and at the best possible price. Below are some of the tips that will help you, as a business owner to get the right knowledge that would be required when selling a business.
A. Ensure that you are visible on the online business marketplaces:
This may sound quite obvious to the business owners but it is a very important step and it should not be overlooked. As you seek to get information on how to sell your business and how to set prices and getting leads, the basic step that you ought to take is to ensure that your business is listed with the leading online market places in Canada such as businesses buy sell website. In Canada, and the rest of the world, the number of investors looking for businesses to buy online has tremendously increased. That’s the why if you fail to take this major step when selling your business, you lose so many opportunities. Selling your business online saves you time, helps you to get a very big range of buyers and your business is given the right exposure at a very low cost.
B. Determine the right value for your business:
Getting the best result from the sale of your business requires you to set the right price for your business. You should make sure that the price you set is neither too high neither too low. It is therefore advisable to seek the services of a professional business analyst. Not only will they help with setting the right price, but their value is also regarded by the buyers. It also gives you a peace of mind when it comes to the legal requirements. When deciding whether to invest in a business, the buyers look at several things such as; the customer base, the current source of income, and reliable employees. The professional business analysts help you in making your business more appealing to the potential investors.
C. Make a good choice of your business broker:
Engaging a business broker can help because they have experience in selling a business and they have a large customer database who are prequalified. Since the business brokers benefit from the sale of business as much as the seller, they seek to get the best deals when selling a business. However it is important to be careful when engaging these brokers. I.e. seek to know some specific details of these brokers such as; their experience in selling business like yours, his testimonials about past sales and an average price that you can realize from the sale of your business. These details can help you on how to go about when engaging a business broker.
D. Ensure that your business is sold under the right category:
In Canada, there are only two main categories of selling a business. That is, asset sale and sale of shares. Assets include tangibles such as plant and machinery, equipment, and intangibles such as goodwill. Share sale is commonly known as the sale of business stocks. Categorizing your business correctly makes the sale easier and faster. For the share sale category, it includes the business liabilities thus it’s an added advantage to the business seller. You are also exempted from paying taxes on the sale of shares as long as you are a Canadian resident.