Mistakes to avoid when selling your business
Last blog, we looked at common mistakes you can make when buying a business. This week, we look at common mistakes you can make when selling your business (and most importantly, how you can avoid them).
Mistake #1: Disorganisation
Timing is crucial to the selling of your business, and you should allow yourself plenty of time to develop your strategy, get your affairs in order and seek professional advice.
Buyers of existing businesses want to continue an operation, not start a new one from scratch. To increase the marketability of your business, you should take care of any staffing or leasing issues before you start advertising.
Mistake #2: Poor handover process
Many people disregard the handover process when selling their business, but it’s just as important negotiating the sale. To ensure that the transition is as smooth as possible, you should personally introduce your buyer to your key clients and team of employees.
Mistake #3: Choosing the wrong buyer
The key to selling your business quickly and successfully is marketing it through the right channels. Advertise it through traditional media outlets, real estate agents, trusted friends and family, or to similar business owners.
It’s also important that you have all the relevant information that you need to help you find a suitable buyer for the best price. An accounting advisor or tax agent can help you with this.
How we can help
If you’re thinking about selling your business, you’ll need to make sure your bookkeeping is squeaky clean and up to date. At Scorpion Bookkeeping, we can help you to ensure that. We service a diverse range of clients in South Australia, Victoria and New South Wales.
Contact us today for a free, no-obligation consultation to find out how we can help!