- Identify reasons and goals of selling
While a retiring owner wanting to enjoy free time may be flexible in the timing of a sale and the transition of his business to new ownership, an owner selling due to personal or family illness may not have that flexibility. It is important in the design of a marketing plan that flexibility and/or limitations be identified.
- Put your financial house in order.
- Determine the value of your business
- Create business profiles
Two business profiles should be created: (1) A confidential business profile that gives general information about the business but does not disclose the specific business or location, and (2) a complete business profile that may be distributed after a buyer has been qualified and nondisclosure agreements have been executed.
- Identify buyer candidates
- Make contacts through qualifying 3rd party
- Evaluate interested buyers, offers, and methods of transfer
- Formalize contract, financing and contingencies
- Due diligence
- Relax, enjoy retirement and spend the money!
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