- Identify why you want to sell your business and make sure it’s ready to be sold.
- Take the time you need to prepare your business for sale, determine the value of your business, and consider hiring a business appraiser.
- Decide whether you want to hire a broker or negotiate the deal yourself.
- Once you find a good buyer, there are a series of financial screenings and other steps that need to be taken to keep the process moving.
- Take the time to work with a financial professional and determine how you want to invest or otherwise use the money you make from the sale of your business.
- Finding a buyer.
- Handling the profits.
Selling a business is time-consuming and for many people, it’s an emotional venture. A good reason to sell or the existence of a hot market can ease the burden, as can the help of professionals.
It may also be possible to receive free counseling from organizations such as SCORE, and your local chamber of commerce may offer relevant seminars and workshops. When all is said and done, the large sum of money in your bank account and your newfound free time will make the grueling process seem worthwhile.