Selling Your Business

Selling your business is not just a financial transaction but it's a strategic process that requires foresight, preparation, and the right team.

Preparing early and following a structured approach, you can secure a better outcome that meets your financial objectives while preserving the legacy you've built.

• Set your goals: Decide why you're selling and what you want to achieve from the sale.
• Get a valuation: Hire a professional to determine your business's market worth.
• Organize records: Prepare accurate records and key documents to ensure transparency for buyer review.
• Review tax obligations: Understand the tax impact and address any past issues.
• Assemble a team: Bring in experts like a broker, lawyer, and accountant to guide the process.
• Find your buyers: Market your business confidentially to attract qualified prospects.
• Negotiate & agree: Finalize price, terms, and legal agreements.
• Plan communication: Choose the right time and way to inform employees and customers.
• Manage the transition: Provide support and guidance to ensure a smooth and successful transition.

For additional help on succession planning, visit the Service Corps of Retired Executives (SCORE).