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Helpful Advice From A Man Who Sold His Business

When selling your business, keep some key tips in mind...

If you are eager to retire by selling your business, then your rightful moment is now, according to reports, it is said that the number of small businesses that closed  in 2013 increased by over 40 percent in the third quarter alone as compared to the same quarter in the previous year. The healthy selling climate is likely to improve which is good for sellers.

With the low rates, buyers are likely to access more affordable financing which will help keep the selling momentum in motion for a while. However, to sell your business, you need to have more compelling reasons other than the selling momentum at the moment. This is because the market for small business can be quite unpredictable and depends on many factors.

Though business sellout timing may be tricky, it is important that you keep your business in tip top shape to reap the maximum returns for your investment if you are considering selling your business in future. Here are a few tips and strategies to help you from a man who has been there, done that.


Most small business owners keep sloppy records for their businesses which makes it hard to sell especially to sophisticated buyers such as equity firms and other serious buyers. It is important to keep your books in order and showing all the figures correctly and showing evidence of profits or potential growth.

Do not ignore putting your financials in shape even if your selling date is years from now, make sure your business is ready for sale at all times because you might never know what might happen between then and now.


If there are products or services that need licensing and patents, plan ahead and get this done early, this can help amp the value of your business. This also helps to keep you in the know if you have been infringing on another business’s trademark unwittingly which is a great disappointment if you know too late into selling. Spend some time trade marking your company name and get copyright protection for any new products, all this is of value.


It is very hard to sell a business that depends entirely on the owner for example creative services business where clients make payments for your personal talent or expertise in certain areas. The lesser the business relies on you the easier it gets to sell it. Put in place qualified staff to manage and run the business in your absence so that you can make the most out of it. If you do this it will make it easier to exit and a smooth transition will take over.


It is impossible to sell or buy anything that does not have a price tag on it. Get several different valuations done to establish the real value of your business so you can ask for the right price.