Starting early is the best way to sell a business
Selling a small business usually takes a minimum of six months but, in reality, the process should start long before the ‘For Sale’ sign goes up.
It’s best to have an exit strategy right from the outset because that will give you the best chance of a quick and profitable sale when the time comes.
For every decision you take and everything you do, you should have at least some thought about its effect on the question of ‘how do I sell my business?’ in the future.
You need to ensure at all times that your books are in order, there are no outstanding and unsigned contract issues, disputes are settled and overdue debts are paid. That gives prospective buyers a view of a good and well run business that is likely to have few problems.
If you ask ‘How can I sell my business?’, a simple answer is to make it one that buyers will really want. Try to create a business that has some unique selling points — products and services that competitors don’t have, niche business, intellectual property rights that are protected by patents — so it’s more attractive to buyers.
Also ensure the business isn’t totally reliant on you to succeed; if it is, it’s worth less without you, so create a strong team, effective and well-documented procedures and a solid business model.