Business Brokers and Advisors

Checklist for Selling & Operating your Business

By on Jul 21, 2017 in News, Seller FAQ, Selling a Business | 0 comments

Checklist for selling & operating your business


  • Be confident- A good rule for most any endeavor in business & life. You are going to make the case to a buyer why your business is the best thing since “sliced bread” or at least a great investment.


  • Be credible: This is essential! If the credibility of seller is lost or called into question, it becomes difficult, if not impossible, to regain credibility.


  • Have a selling strategy: Who’s your buyer?  How do you reach them?  How do you introduce them to the opportunity?  What’s your time frame? Are you pricing for maximum return or a “quick sale”? Answering these questions are important.


  • Plan your marketing: Do you have the time and expertise to do this?  If not consult a professional.


  • Seek professional advice: As described above, if marketing & selling businesses is not part of your skill set, hire a professional.


  • Pre-qualify your business for lending: Is your bank a preferred SBA lender?  If not, find a bank that is and ask them to prequalify your business for SBA or conventional bank lending. This makes a powerful statement in your marketing to be able to say that your business is, “pre-qualified for SBA/bank financing for qualified buyers”.


  • Address internal issues: There is a saying in the business intermediary community that “there are no perfect businesses & no perfect buyers”, but you still want to do everything you can to present your business & employees in the best possible light.


  • Prepare for buyer’s due diligence: It is a good idea to have a professional (accountant) do a “pre-sale” due diligence project to uncover any issues that can be fixed.


  • Anticipate buyer’s questions: Put yourself in the buyer’s place. What questions would you ask?  Ask a professional to coach you.


  • Use professional intermediary to market and negotiate for the highest value: A good business intermediary will often pay for themselves, by getting a better and quicker deal than a seller can. To reiterate my new favorite phrase, “if you think a professional is expensive, try an amateur”!

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