Is Your Business Sale Ready?
1: Know your Business,
It’s a fundamental requirement to know and understand your numbers: past, current and by way of a forecast at least the next 12 months and ideally 3 years. Management accounts should be completed and produced in a timely manner. These should include adjustments for pre-payments and accruals – the profit for the period under review should reflect what’s happened. The balance sheet should balance be up to date. Assets recorded in your depreciation schedule should be current and still in possession of the business.
2: Have a Strong Team in Place
For any theatrical performance, all the lead roles have understudies — performers who ordinarily have other jobs in the cast or crew, but who can step in at a moment’s notice if the lead cannot perform. This same principle to managing key-person risk. A business is more likely to sell at a premium if the owner is not the key person.
3: Formalize Agreements with Staff, Suppliers and Customers
Where possible make sure that agreements and leases, are current and valid. Having contracts in place ensures business continuality, this gives a potential purchaser peace of mind that the business will continue as forecast.
4: Get Professional Advice
At MMJ Business Sales, we specialize in selling businesses. We offer a free Business appraisal.
We have a proven marketing system that gets your business noticed.
The MMJ Business Sales team have been in business owner, for over 20 years, they understand small business.
The MMJ Business Sales Process has been developed, through years of experience, to ensure it gets the best result for business sellers and is clear and easy to follow for business buyers. As MMJ are speaking with active buyers every day, this process ensures your business sale opportunity is in the marketplace and known to a large pool of active buyers.