4 Professionals To Talk To Before Selling Your Small Business
Posted on: 6 September 2017
Making the decision to sell your small business can be tough. However, if you have decided that it's the right move for you, you might be ready to get started with the whole process as soon as possible so that you can get it over with. Before doing so, though, it's smart to talk to a few pros who can help you with the process:
1. Accountant
First of all, you have to think about your finances during this ordeal. Meeting with your accountant can help you figure out where you stand financially, such as any loans that will need to be paid off after the business is sold. You can also find out about things like how your taxes will be affected after you sell your business. This can help you start out your "new life" after selling your business in the best financial position possible.
2. Business Valuation Professional
You can't really sell your business for the right amount if you don't know what it is worth. Some people have no idea of how much they should sell their business for. This could lead to you pricing it higher, which will make it difficult to sell, or pricing it too low and not really getting the full amount that you deserve for the business that you built. Business valuation services will look at various factors and will help you come up with a good price for your business.
3. Commercial Real Estate Agent
Once you have an idea in mind of how much you want to sell your business for, you can start thinking about putting it on the market. This is probably not something that you will want to handle alone. Working with a real estate agent who has experience in the commercial sector will help you ensure that you can find a buyer for your business.
4. Business Lawyer
Any real estate transaction can be complicated, but things can be even more complicated when you're selling an entire business. A business lawyer can help you with things like writing up contracts to ensure that you protect yourself during the sale and to ensure that things are done in a completely legal manner.
As you can see, there are a few different professionals you should consider talking to before you sell your business. This can help you ensure that things are handled the proper way when making this major change.
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