In the next 2-5 years there will be an influx of businesses for sale in Canada, which could possibly lead to a downward pressure on the asking price.
In anticipation of this trend, we thought it would beneficial to share a few selling tips that could be useful in order to recieve top dollar for the sale of your business.
Here’s BizON’s top 10 selling tips:
1. Timing is key! Ask yourself the following: Are you ready to sell? Is the market right? Does this decision suit my lifestyle?
2. Hire an auditor and ensure your financials are in order.
3. Protect your assets and intellectual property to ensure maximum value.
4. Make sure your business is truly a turnkey and not dependent on you.
5. Get a professional to valuate your business. The right asking price is what will drive interest and make the sale.
6. Carefully outline the future of the business to potential buyers.
7. Share the legacy of your business with the potential buyer and ensure that they are the right business owner to carry on your legacy.
8. Be open to negotiations.
9. Be prepared with information that the buyer may request.
10. GET HELP! Use the BizON community in order to confidentially connect with serious business purchasers.
From the Desk of BizON