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Selling your small business can be an intimidating process, but it doesn’t have to be. By taking a few necessary steps and following a few guidelines, you can make the process much smoother. Here is your comprehensive selling a business checklist to give you what you need to know when selling your small business.

 

Top Three Selling a Business Checklist Items

 

1. Do Your Research

Before you even think about listing your business, it’s essential to do some research. Knowing the market value of businesses in your industry helps to ensure you have the right asking price. When you know what your business is worth, you will get full value and feel confident in your selling decision.  Research also helps you to know who might be interested in buying your business—is there a specific segment of buyers more likely than others? Knowing this information ahead of time will help ensure that you get the best possible deal.  An exit assessment completed on your business can be a significant first step in this process.

2. Create a Plan

Step two of your selling a business checklist is to create a plan for selling the business. This plan should include how long you want the sale process to take, what types of buyers are most attractive, and how much money you want to walk away with. This information laid out ahead of time will help streamline the sale and give potential buyers confidence in purchasing from you. It is vital to have this plan completed even before you are ready to sell. Completing a program like Exit Factor gives you all the tools necessary to market your business today or in the future.

3. Prepare Documentation

Step three is to ensure that all required documents are prepared. Ideally, this is done before beginning negotiations with potential buyers. Documents include financial statements, contracts, leases, and other legal documents related to the sale of the business. For example, in some companies, there are outstanding debts or liabilities. In that case, they must be taken care of before closing. If not, they will become an issue down the line. This seems overwhelming, but Exit Factor clients have this set before they market. This significantly reduces the due diligence needs and stress.

 

Taking Action

Selling a small business is no easy feat—but it doesn’t have to be overly complicated either. By using this selling a business checklist, you can make sure that everything goes smoothly during the sale process. When you create a well-thought-out plan for selling your company, including preparing all necessary documentation, you ensure that you get exactly what your business is worth. With these tips in mind, selling your small business shouldn’t be too difficult!

Learn more about our Exit Factor Master Program here. Our members increase their business value by 40% or more in the first year. Enroll in our free on-demand Master Class, How to Build a Sellable Businesshere.