What should be done before a business is listed for sale?

Listing your business for sale is a significant decision that requires careful planning and consideration. Here are some key points to keep in mind:

  1. Start Early: On average, businesses take 2 or more years to sell. Waiting until you're in a rush to sell may not only lead to a lower sale price but also limit your options for finding the right buyer. 
  2. Take the First Steps: Before listing, you'll need to determine the value of the business to ensure you are priced fairly to sell while maximizing your profit potential.
  3. Prepare Financial Documentation: Gather and organize all financial records. Having these documents ready will instill confidence in potential buyers and expedite the sale process.
  4. Improve Your Business: Take steps to enhance the value of your business before listing it. This includes reducing debts, lowering overhead costs, and performing repairs and maintenance.
  5. Seek Professional Advice: Consider enlisting the help of professionals such as Business Advisors and REALTORsĀ®. They can provide valuable guidance and support throughout the selling process.
  6. Market Strategically: Once you're ready, begin taking steps to find the right buyer. List your business on reputable sites, consult your network for potential buyers, and keep business operations as usual. 

For more information, visit the How To Sell a Business page or download the Pathway to a Successful Sale Workbook.