Selling a Business
Streetwise Tips

Streetwise Tips on Selling a Business

Determine what your bottom-line price is in advance
While you never want to mention what your rock-bottom price is during preliminary negotiations, you will find that having set both a target and a minimum price in your mind will enable you to negotiate more decisively.

Be sure you are serious
Deciding to sell your business is not a decision that should be taken lightly. Selling a business will take up a lot of your time and effort. It will probably cause some business disruption, especially when employees, customers, competitors, and vendors are aware that your business is for sale.

Prepare statements and other information in advance
Be sure you have done your homework before you run the first advertisements announcing the sale of your business. Your first prospects may be your best prospects. Be sure you have prepared financial statements and literature promoting your business. Also, be sure to have an attorney review any material you will be using to corroborate the success or nature of the business you are offering for sale before you announce the sale publicly.