There are several reasons you might be looking to sell your business. Whether you’re selling the company so you can invest in different opportunities or you’re deciding to retire, though, the procedure can be stressful at the best of times. These guidelines will walk you through getting the best price possible for your company.

Consider Seeking Professional Advice

Selling your business will not be a simple transaction. You’ll need to make sure you have qualified advisors to assist you with the stress the situation brings and help keep you objective throughout the negotiations. There are three main forms of third-party advice you should seek: a business broker, a corporate lawyer, and an independent, professional valuator.

If you have already lined up a buyer, the business broker can take care of the sales process and attend any meetings on your behalf. If that deal turns sour or you haven’t yet found a potential buyer, you can make use of the broker’s contacts to find other prospective buyers. You can leave them to concentrate on selling the business and shortlist the available options, while you continue to run the business itself.

A corporate lawyer is needed to review any documents and agreements that have been proposed by either side. This will make sure the buyer is clear on what your business offers, but also that their offer meets your requirements.

An independent evaluator is needed so that you can get a realistic idea of what your company is worth. This will also help you through the negotiation process as a potential buyer will be more interested in a third-party’s opinion than your own. You might also want to consider having your company valued by several different independent firms to get the best possible outlook on the current market.

Make Sure All Your Paperwork Is In Order

This is just one of the things you need to have done in advance of any potential acquisition. Making sure your financial records are both clear and up to date will not only ease the transaction but will also demonstrate you were a responsible business owner. If your company has been posting consistently positive results, you’d be doing yourself a disservice by not making sure a potential buyer can see this. Make the buyer aware of how any debts the company has are being handled as well as the current inventory situation and any tax issues. You’ll also want to make sure any HR records are in order. Potential buyers will want to know any history of past litigious actions before getting involved in a company.

A business being put up for sale can often be due to the owner no longer being fit enough to run it anymore. Because of this, the stress of the process can be even more problematic so it’s important to make sure the business is in a good position in advance. Take advantage of third-party services to keep everything in order and make the transaction as smooth as possible.