On a previous series, we delved into the topic of UNDERSTANDING some aspects of selling your business. Consider that to be some introductory lessons to selling a business. This series is to go even DEEPER into the process. “Secrets of the Sell” is all about giving you some advanced tips and tricks as well as advice as to how you can go about your sell to get the most out of it.
For this first part, we want to talk about PRE-PLANNING your sell. What exactly do we mean by that? Truth is, if you want to sell your business RIGHT NOW, chances are you may not be able to get the best value for your business. The key is to start early. Take the proper amount of time and preparation and you may just make the most out of the business that you have built up. Some of you are probably thinking right now that “I have no intention of selling my business! I want this to be THE business for me.” Okay, granted. Although, it doesn’t hurt to take the precaution and think WHAT IF things went south for your business? So even if you have all the intentions in the world to make your current business succeed, you should be able to also make a back-up plan and make certain preparations for the time when you want to sell the business, should it ever come.
What does this involve? You need to get yourself acquainted with the valuations in the industry that you are in. How much are businesses in this industry worth? What gives them value and what are the things that devalue these businesses. You can also start talking to a broker and ask for help in terms of them assisting you with the things that you need for your business to stand out. Take to heart the age-old advice that it’s better to be safe than sorry and make sure you have your back-up plans for your sell intact.
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.