{"id":544401,"date":"2020-01-20T21:19:15","date_gmt":"2020-01-21T02:19:15","guid":{"rendered":"https:\/\/mabusinessadvisors.com\/los-angeles\/blog\/2020\/01\/20\/what-do-you-need-to-do-to-get-your-business-ready-to-sell\/"},"modified":"2020-01-20T21:19:15","modified_gmt":"2020-01-21T02:19:15","slug":"what-do-you-need-to-do-to-get-your-business-ready-to-sell","status":"publish","type":"post","link":"https:\/\/mabusinessadvisors.com\/los-angeles\/blog\/2020\/01\/20\/what-do-you-need-to-do-to-get-your-business-ready-to-sell\/","title":{"rendered":"What Do You Need to Do to Get Your Business Ready to Sell?"},"content":{"rendered":"<div>\n<div>\n<p>In his recent article in Smart Business entitled, \u201c<a href=\"https:\/\/www.sbnonline.com\/article\/how-to-get-your-business-and-yourself-ready-for-a-sale\/\">How to get your business, and yourself, ready for sale<\/a>,\u201d author Adam Burroughs explores the key points of getting your business ready to sell.\u00a0 Burroughs points to the truism that, at some point, almost\u00a0<strong>every business owner<\/strong>\u00a0must sell his or her business.\u00a0 For this reason, it is critical to think about what it takes to get your business ready to sell.\u00a0 Simply stated, it is best to explore and plan for selling your business long before you actually need to place your business on the market.\u00a0 Let\u2019s explore some key points for selling your business.<\/p>\n<p><strong>Broadening Your Options<\/strong><\/p>\n<p>Burroughs interviews Scott McRill at Clark Schaefer Hackett.\u00a0 McRill notes, \u201cThe sooner you think about your exit, the more options you\u2019ll have for yourself and the business when the time comes.\u201d\u00a0 A savvy business owner will always want to give himself or herself as many options as possible. McRill wisely points out that early planning is key, and a failure to engage in early planning could lead to a lower selling price.\u00a0 If you want to get the best price for your business, then planning for the eventual sale as far in advance as possible is a good move.<\/p>\n<p><strong>Planning in Advance<\/strong><\/p>\n<p>According to Burroughs, business owners should start planning to sell their business at least 2 to 3 years before they actually plan to sell.\u00a0 Part of the reason for this is so that business owners will have enough time to make operational improvements designed to maximize the business\u2019s overall value.<\/p>\n<p><strong>A Financial Review<\/strong><\/p>\n<p>At the top of every business owners \u201cpreparing to sell\u201d list is to have a third-party review the business\u2019s financial situation.\u00a0 This is excellent advice for, as frequent readers of this blog know, any serious prospective buyer will look long and hard at your business\u2019s financials.\u00a0 Getting your business\u2019s financial house in order means that you should turn to a professional accounting firm for help, if you don\u2019t already have one.\u00a0 You\u2019ll want to review financial statements for at least the previous 2 to 3 years and organize all the company books and records.<\/p>\n<p>Burroughs points out that when it comes to selling a business, there are many variables that business owners often overlook.\u00a0 At the top of the list is the management team.<\/p>\n<p><strong>Your Management Team<\/strong><\/p>\n<p>Prospective buyers can get very nervous about the stability of the management team once ownership has changed hands.\u00a0 Often, a buyer may only sign on the dotted line and close the transaction if the owner agrees to stay on after the closing for a transition period.\u00a0 Having a competent and proven team in place, one that is dedicated to staying with the company will help you get your business ready to sell and shorten the time you as the seller will have to stay on.<\/p>\n<p>Selling a business is a complex and time consuming process. There are a lot of variables involved in preparing to sell a business.\u00a0 The sooner that you get experts involved in the process, the better off you will be.\u00a0 An experienced M&#038;A Advisor \/ Business Broker can serve as a guide \u2013 one that can point you in the right direction.\u00a0 Work with a M&#038;A Advisor \/ Business Broker with an abundance of experience, and you\u2019ll have an invaluable ally who can help you navigate the process.\u00a0 It can take a lot of time and effort to sell a business.\u00a0 Working with a M&#038;A Advisor \/ Business Broker can help you accomplish your goals and sell your business at the right value.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In his recent article in Smart Business entitled, \u201cHow to get your business, and yourself, ready for sale,\u201d author Adam Burroughs explores the key points of getting your business ready to sell.\u00a0 Burroughs points to the truism that, at some point, almost\u00a0every business owner\u00a0must sell his or her business.\u00a0 For this reason, it is critical [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":544402,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[9,96],"tags":[],"class_list":["post-544401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-seller-articles","category-selling-a-business","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Do You Need to Do to Get Your Business Ready to Sell? 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