It makes a business plan sound dry and theoretical -- and mysterious -- which it is not. In other words, a business plan is a selling document. It sells your business and its executives to potential backers of your business, from bankers to investors to partners to employees.
A major contract that spans several years 2. Timing of the Sale Prepare for the sale as early as possible, preferably a year or two ahead of time. The preparation will help selling business plan to improve your financial records, business structure and customer base to make the business more profitable.
These improvements will also ease the transition for the buyer and keep the business running smoothly. Business Valuation Next, you'll want to determine the worth of your business to make sure you don't price it too high or too low.
Locate a business appraiser to get a valuation. The appraiser will draw up a detailed explanation of the business's worth. The document will bring credibility to the asking price and can serve as a gauge for your listing price. It's also the best route when the sale is to a trusted family member or current employee.
Discuss expectations and advertisements with the broker and maintain constant communication. Preparing Documents Gather your financial statements and tax returns dating back three to four years and review them with an accountant.
In addition, develop a list of equipment that's being sold with the business. Also, create a list of contacts related to sales transactions and supplies, and dig up any relevant paperwork such as your current lease. Create copies of these documents to distribute to financially qualified potential buyers.
You'll also want to make sure the business is presentable. Any areas of the business or equipment that are broken or run down should be fixed or replaced prior to the sale.
Finding a Buyer A business sale may take between six months and two years according to SCORE, a nonprofit association for entrepreneurs and partner of the U. Finding the right buyer can be a challenge.
Try not to limit your advertising, and you'll attract more potential buyers. Once you have prospective buyers, here's how to keep the process moving along: Get two to three potential buyers just in case the initial deal falters.
Stay in contact with the potential buyers. Find out whether the potential buyer pre-qualifies for financing before giving out information about your business. If you plan to finance the sale, work out the details with an accountant or lawyer so you can reach an agreement with the buyer.How to Sell a Business Home Page | How to Sell a Business Newsletter Explanation and Links.
Website contains 90 articles on How to Sell a Business. Free email newsletter to help business owners prepare to sell a business. The marketing plan section of the business plan explains how you're going to get your customers to buy your products and/or services.
The marketing plan, then, will include sections detailing your: Products and/or Services and your Unique Selling Proposition. What you plan to do with your time and how your life will look is as important as the financial aspect of leaving your business.
After selling Enstrat, West moved to New York to work as a. You don't believe me?
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