One of the benefits of building a successful business is that you have created an asset that you can use. You can sell the business when the time is right, but don’t make this decision without doing your research before you get started with selling your business:
- Make sure the economy is strong enough to create a pool of interested buyers
- Selling your business yourself
- Using a broker to make the sale
- What buyers want and what they will pay
- What buyers look for
Todd Paul, an Evanston, Ill.-based investor in small companies, says many of the businesses he is seeing come on the market are in better financial shape now than before the economic downturn; that’s mainly because when owners couldn’t cash out, they improved their companies by cutting unnecessary costs, enhancing operations and boosting sales.