Starting a business is hard. It’s even harder to grow and sustain a business. However, there comes a time when most business owners want to sell their businesses and pursue something else. If you have successfully launched and run your business, there could be three reasons why you may want to pass it on to another entrepreneur; factors related to your personal circumstances or those related to your business’s fortunes and the prospect of another industry.

Many entrepreneurs normally want to seek a new challenge. Whatever your reason for selling your business, it’s important to get the basics right about selling your business.

If you decide to sell your business when it’s not profitable, it will be harder to attract buyers. Consider the business’s ability to sell, its readiness and your timing before you prepare it for sale.

You either sell it in a good condition and get the best market price for your business or sell it at a time when it needs a bit of work to grow it and make that know to prospective buyers.

Due diligence is an important step when preparing your business for sale. Get your books in order. You’ll want to determine the worth of your business to make sure you don’t price it too high or too low. Seek professional help to get a great valuation. BCMS can research, reach and negotiate with the right buyers and investors for your business.

Selling the business yourself may allow you to save money, but external help you attract a better valuation in the process and save you time. They can also help you put together your business information packet to make your business presentable.

Selling a business is time-consuming and can take a while. To attract more buyers, try not to limit your marketing efforts, and you’ll attract more potential buyers. Once you start talking to prospective buyers, keep in touch with at least two buyers, just in case the ideal buyer falters. Keep the relationship going. Make allowance for negotiation but stand firm on a reasonable price. Put your final agreement in writing. Prepare a non-disclosure/confidentiality agreement for your buyer to protect your information.

Here is a perfect infographic by BCMS that explains what you need to know to sell your business.