Talking to Eau Claire, WI experts on business sales is a great way to start to plan your business sale. The good news is that by talking to these professionals well in advance of when you want to sell, you can take advantage of their expertise to learn four simple tasks to help me sell my business.
If you look at any blog, book or online article that starts with “how to help me sell my business”, you will probably find a lot of the same basic information. However, if you are looking for specifics that you complete well in advance of the sale, it can be a challenge to find concrete lists or steps.
To help you to get started, here are three distinct, concrete steps that any business owner can do before they contact a business sales advisors. These will not only assist in talking to the business advisor about your company, but they can also be instrumental in providing accurate information for a valuation.
Get Records in Order
If you are trying to sell your business and your financial records, accounts and billing information, capital assets, profit and loss statements or other financial documents are all in boxes somewhere in the basement, you have a problem.
Take the time to go through at least the last five years of records and put everything in order. While you don’t need to use an accounting software program, it can make it much easier for the valuation process and for potential buyers to get a big-picture view of the company.
Clean Up Customer Records
It may seem that having huge lists of customers will be helpful in selling a business, but if they are not current customers or are inactive or one time customers they are really just padding. This can easily be identified by a savvy buyer, and it can create a lack of trust in the process.
A good option to consider when looking for ways to help me sell my business is to go through customer records, lists and accounts and weed out the old, inactive or single time purchasers.
Have a Management Team in Place
It may seem strange to think about planning a management team if you are considering a business sale, but it is a true asset to a buyer. If you have a team in place that is trained, experienced and committed to staying with the business during the sale and beyond, you add value to the company.
If you are planning your Eau Claire, WI business sale well in advance, simply providing current managers or supervisors in the company with expanded roles and responsibilities can be a great start in building a management team to carry the business through the sale for a new owner.