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How to Best Sell Your Small Business Selling a small business is a major decision in life like selling a house or a car, and it may also require you seeking the professional help of a lawyer, an accountant, and a broker to have a successful transaction. As for the profit of the sale, it will largely depend on several factors such as the timing of the sale, reason or purpose of selling your business, business strengths, and structure. When selling your business, you have to invest time and effort as well as money to find the right buyer so you can get the right profit you deserve. As for the reason behind the sale, a potential buyer will need to know if the sale is because of retirement, partnership disputes, illness, overwork, boredom, or death of the business owner. While it might be hard selling a business that is not profitable, you can still show your potential buyers that the business can still thrive because of your established customer base, increasing profits, steady income figures, and having a major contract that spans for several years. It is a good idea preparing your business for a major sales a year or two years ahead of time for a smoother transition and to make the business more profitable through establishing customer base, improving financial records, and strengthening the structure of the business. You can ask the help of a business appraiser to obtain a valuation and a broker to find the right buyer for you. You can save a lot of money by selling your small business to a current employee or a trusted family member without paying any commission, but hiring a broker can help you obtain the highest price for your business and you can use your free time to deal with the most important aspects of your business. You need to prepare your tax returns and financial statements for the last three to five years so you and your accountant can check them, create a list of equipment included with the sale, and a list of contacts related to supplies and transactions. Selling a business is a real challenge so never limit your advertisements for you to find the right buyer. Before giving any information to a potential buyer, find out if a potential buyer is qualified for financing, and allow some room for negotiation but show firmness on the price that is reasonable. All verbal agreements must be documented or put in writing and potential buyers should sign a confidentiality or nondisclosure agreement for your protection. Be smart in handling your profit and create a financial plan, set your short term and long term financial goals, and course of action.The Essentials of Businesses – 101

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