WHAT QUESTIONS TO ASK WHEN EVALUATING A BUSINESS FOR SALE Posted by Manish Khanna
Selling a business is no easy task. One cannot just trust a third party with something that he values and treasures. One’s business is one’s product of many years of hard work and dedication. A business, be it of any kind, is that source that helps satisfy all financial needs and necessities without which it is not only difficult but almost impossible to sustain yourself. But as is commonly believed, a journey of a thousand miles cannot begin without taking a step towards it. The sale of your business is your step towards doing wonders and attaining success in life. However, there are things to consider before finalizing the sale. Selling a business should not be a spur-of-the moment decision for anyone. It requires a lot of planning. You need to figure out some like if it is the right time to sell, when is the right time to sell, what is the economic situation in the market, what the situation is likely to be in the future, whether you are getting the best deal out of the sale and many other important things are to be considered before deciding to sell your business. More so, you need to be sure of the person whom you are selling the business to. The buyer should be someone who has the capability and the potential to take forward your business. Coming to the most important question, have you evaluated thoroughly all the important questions necessary to consider before you sell your business? Here stated below are some questions that will help you find an answer to your present situation.
Are you and your business ready to sell? The decision to sell your business is no ordinary decision. It requires thorough evaluation, contemplation, courage and strength. You need to be mentally prepared to give away something that you have built from scratch and brought up like your very own child. Therefore, it is essential that you take reasonable time before to come to any conclusion. You cannot decide to sell without previous planning. You should keep a span of at least 2-3 years for deciding to sell and actually selling because you need this time to prepare your business before putting it out in the market. You also need this time for producing tax returns and can show maximum profitability to attract the best offers from buyers. You cannot expect such an offer if you have decided just a month ago and are already finalising the deal. ‌ Read more!