You’ve worked hard over the years to build your San Diego business and find success in your entrepreneurial career. However, it may now be time to think about selling a business and moving on. This can be a nerve-wracking and confusing process if you don’t know what you’re doing or are unsure of what will be required from you during the selling process.
Below, the business brokers at Vanguard Resource Group provide some keys to successfully selling a San Diego business and what tasks to address and think about in advance. These tips will help you know what steps you’ll need to take to sell your business and move on to the next stage in your life with no regrets.
MAKE SURE YOU’RE READY
It’s essential that you make sure you’re fully ready to sell your business. It’s not just about the numbers but also your emotional state and future goals. Your San Diego business needs to be in good shape. You need to choose the right timing to sell and know all the reasons you’re selling a business and doing it now.
GET YOUR FINANCES IN ORDER
You’ll also want to take the time to get your finances in order when selling a business and doing so successfully. At Vanguard Resource Group, we recommend all business owners organize financial statements and tax returns that date back at least a few years. We also suggest you review your financial documents and details with an accountant to ensure you have all your T’s crossed and I’s dotted. When looking and in the selling process, it’s vital you know your numbers, such as profit/loss statements, expenses, payroll, and operations, to name a few.
GET A BUSINESS VALUATION
Another step and key to selling a business successfully would be determining the company’s value. It’s suggested to hire a local business broker that can perform a San Diego business valuation for you. This way, you can develop an accurate value for your company using sound principles.
It’s vital that you try to get top dollar and know what your business is worth when you approach the business selling process. Pricing your San Diego business appropriately can lead to the best results. At Vanguard Resource Group, our business brokers always ensure that you don’t accept an ultimately too low offer. Contact us for more details about our business valuations and how they work.
DETERMINE YOUR EXIT STRATEGY
When selling a San Diego business successfully, you need to also determine your exit strategy. It may not be as easy as selling your business and then retiring the next day. Decide in advance if staying employed for a certain amount of time will be necessary and is needed during the transition period so you can plan accordingly. Our business brokers at Vanguard Resource Group can assist in determining the correct amount of training and transition a business buyer might want to see included in the transaction.
WHY YOUR NEED TO HIRE A BUSINESS BROKER WHEN SELLING A BUSINESS
Finding a buyer is a tough job and may take some time. However, you can increase your chances of selling a business more quickly and getting a fair price by working with a San Diego business broker. Ideally, you should work with a business broker during the sale, then with a lawyer to finalize the sale.
It’s not just about finding the ‘right’ buyer. Additional steps need to be taken to move the process along, such as a series of financial screenings. Generally speaking, a local business broker can help sell your business, and it’s a recommended approach you should consider taking for the outcome.
At Vanguard Resource Group, our business brokers can walk you through the entire process of selling a business in the San Diego area and make sure that you are satisfied with the outcome. When you work with our local business brokers, you get a long list of benefits that help your business stand out in a crowd and sell for top dollar. On behalf of all our clients, we will:
- Develop a strategic marketing plan
- Protect your confidentiality
- Create a professional business profile
- Use the Internet to your full advantage
- Place print advertising
- Co-op with other business brokers and M&A companies
- Answer any questions you have along the way
Are you a business owner looking to sell your San Diego company or thinking about doing so soon? Then look no further than Vanguard Resource Group to help! We know all about selling a business in San Diego. We have helped over 800 Southern California Business owners exit their businesses.
Looking for updates regarding selling your business? Be sure to check out the Vanguard Resource Group Facebook page.