About the process
Over the next decade, six out of ten U.S. business owners plan to sell their companies - a noticeable increase over previous years. Many are baby-boomers, with an eye on selling their businesses to fund their retirement and as a result sale preparation and exit strategy are high priorities.
Start taking steps today to prepare your business for sale so you can maximize your long-term value and create a more profitable company. Part of the decision to sell is to determine does the sales price and terms fit into your long term plan.
Step 1 – Decision to Sell
Small business owners have many different reasons for selling their companies. For some, a business sale is the logical conclusion of a long and successful entrepreneurial career. But for the others, the sale may be motivated by a personal or family crisis, a new business opportunity or an unexpected change in business conditions.
Step 2 – Preparation for Sale
Prospective business buyers won't simply take you on your word. You need to have documents ready to support every claim you make during the sales process. During the course of a business sale prospective buyers will expect to see "just the facts" about your business. Therefore, you will need to have all your documents completed and organized before the business ever hits the market.
Step 3- Optimal Pricing
When selling a business, it's critical to get the asking price right. Set it too high and you won't get any buyer interest. Set it too low and you'll leave money on the table. So when you set a price for your company make sure that every penny of company value has been accounted for while also remaining realistic.
Step 4 – Marketing to & Qualifying Buyers
It is a great feeling to receive interest from potential buyers when selling a business. Let's face it — selling a business independently can be a lot of hard work and a major time commitment, and when people show interest in what you are selling it can translate into a quick, painless sale.
Step 5 – Negotiating and Due Diligence
Any owner can put a business on the market, but selling successfully is another story. With thousands of dollars hanging in the balance, today's do-it-yourself sellers need to learn the fine art of negotiation before it's too late.
Step 6 – Closing the Sale
Once you and your business buyer negotiate the fine points of a deal, it's time to schedule the sale closing. A few easy steps will help you lay out what you need to do in advance, during, and immediately following the big day.
For most this is a once in a lifetime transaction and we like to help you through it for no regrets mindset. Call Morgan & Associates P.C. 616-776-6457
BOSS is the answer to your back office headaches. Our cloud-based solution enables you to hand complex accounting tasks over to us. We work the numbers while providing you 24/7 access to your data—and all at a fixed, affordable monthly fee.
We understand that the countless number of tasks associated with running a successful practice leaves you with little time to deal with your numerous accounting and tax responsibilities. That is where ...read more
With proactive tax strategies and industry-specific expertise, we have a proven track record of helping property management firms succeed from...read more
If you contract your services as a salesperson, freelance writer, graphic designer, real estate professional, or other profession contact us to learn about the comprehensive, affordable...read more
Morgan & Associates has extensive experience in nonprofit accounting, currently providing audit and tax return services to a growing number of...read more
Creating a tax strategy is one of the best things you can do for your business — it ensures that you are paying the least amount of tax allowed by law.
With the second quarter tax deadline quickly approaching, some taxpayers and business owners are looking to make wise money choices.
Do you have a backlog of paper in your home or business office? Between the daily mail, important paperwork and printed work product, it can be hard to decipher what to keep and what to shred.