Selling a business typically takes between 6 and 12 months to complete from putting the business on the market to completing the sale. At bizdaq we regularly get asked by seller “how can I sell my business fast?” If you’d like to achieve a quicker sale there are a number of steps you can take to give yourself a great chance of completing your sale within a matter of months.
We’ve put together three tips for setting up your business sale for a quick sale.
To achieve a prompt sale it is essential that your business is priced in accordance with the market. Get the valuation wrong and your business might not sell.
We offer an instant valuation tool that provides you with a guide price based on an algorithm that analyses your location, financials, industry data and previous selling prices.
Before you complete your bizdaq ad, you’ll have the chance to set your own asking price. Just be careful to avoid using your ‘parent bias’ if you do decide to increase your asking price significantly above the valuation.
After you’ve built your business from scratch it can be difficult to detach yourself and establish a fair market price. However be aware that nothing slows the sale of a business more than an inflated asking price.
Potential buyers will always need to see your key documents before they enter into any form of agreement to purchase your business.
To avoid slowing down the process and putting off buyers when you’ve put your business on the market, always have your key documents and financials prepared in advance.
Instruct your accountant as soon as you’ve decided to sell to help get your financial documents and statements prepared.
Buyers will want to see the following when you enter due diligence:
Additionally it is good practice when you have prepared these documents to identify any weaknesses in advance and be prepared to answer buyer questions when they come up.
Just like selling a house, you’ll achieve a quicker sale if you spend time working on presenting your business in its best light to potential buyers.
Below we’ve included our tips for presenting your business in its best light:
Put yourself in your buyer’s shoes. Ask what would I want to see if I was looking to buy this business?