5 Key Steps to Prepare for the Successful Sale of Your Business

Selling your business is likely to be one of the biggest financial events of your life, and the best results usually go to owners who start preparing well in advance. These five steps can help you present your company at its strongest.

1. Get Your Financials in Order

Buyers will examine your books closely, so make sure your records are accurate, up to date and consistent. Clean financial statements build trust and make due diligence smoother and faster.

2. Reduce Your Dependence on You

A business that relies entirely on its owner is harder to sell. Document your processes, empower your team and make sure key customer and supplier relationships do not hinge on you alone.

3. Understand What Your Business Is Worth

Get a professional view of your company's value early so you can set realistic expectations and identify what drives that value. It also shows you where improvements could pay off before you go to market.

4. Tidy Up Contracts and Compliance

Review leases, customer and supplier contracts, licenses, permits and tax filings, and resolve any outstanding issues. Loose ends can slow a deal or reduce the price a buyer is willing to pay.

5. Build Your Team of Advisors

Bring in your accountant, attorney and a business broker or advisor early. BillOas can help you prepare your financials and plan the numbers behind your exit.