The following are the steps you should consider before selling your business:
1. The first step is to know the true value of your business. To get a feasible idea on how much your business is worth, I suggest that you hire an external source that can carry out the valuation procedure. Some business owners are so attached with their business entities that they are most likely to charge much more.
2. Get your books ready! Prepare documents and books that can show your prospective your business at least 3 years of turnover details. Rather than generating these statements on your own, it would assist if you can get an accountant to assist you out.
3. Decide the profitability of your business. You have to know how much precisely you make from your business as this is one such information that your prospective buyers would definitely want to know about. At least I have to tell this to my broker to sell my business.
4. Consider the taxes. Consult with a financial advisor for assisting in planning your financial future. It is vital that you do realize your personal and corporate tax situation when you are confused how to sale your business.
5. Make a good impression. You have to show your prospective buyers that purchasing your business will bring more money for them in the future. If your business is at a very low position right now, it would be best if you wait until it emerges from the present situation to make your business more bankable.
6. Organize all the legal paperwork. Review and make your customer and vendor contracts, incorporation papers, permits, licensing agreements etc readily available as these will definitely be necessary by your prospective buyers and companies that sell businesses.
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