Selling a business requires a lot of work, including things like financial analysis, market research and more… Of course you have to start your exit strategy early and clearly understand your motivation, but the real first step but before you get started is getting your books in order!
The first step is to talk with your accountant and structure your financial statements so they’re easy to read. Having the past three years of financial statements and tax returns available is essential for the sophisticated buyer. It’s also important to take care of any outstanding tax issues with CRA. Make sure that your cash flow figures are clear and understandable. Separating your personal expenses, e.g. possibly your salary, because your buyer will not inherit those costs. Keep things crystal clear and your deal will go smoothly.
About Brightblue Transition Solutions
Located on Vancouver’s North Shore we are the premier business broker in the lower mainland, contact us if you need any help buying or selling a business in the greater Vancouver or lower mainland areas.