Ready for Retirement? Preparing Your Business For Sale
Ways To Properly Sell Your Business While Retiring
If you’re getting ready for retirement, you might be starting to think about selling your Phoenix business. This can be an emotional and difficult decision for many business owners who are attached to the business they’ve built. It’s easy to understand why! Not only have you invested a lot of money and time into your business over the years, but you’ve also dedicated yourself and your life to it. Operating your business has probably become a big part of your identity. But no one can work forever, and retirement eventually becomes necessary for almost every business owner. To sell your business successfully so it can continue providing services or products for your local community, while giving you enough money to retire, you’ll need to start preparing in advance.
One of the most important steps you can take to successfully sell your business so you can retire is to work with an experienced Phoenix business broker who will share their knowledge and expertise to help present your business in the best possible light for prospective buyers. Working together, and sharing your knowledge of your industry, will help your broker find ways to improve your business so that it’s even more attractive to potential buyers. So, what steps do you need to take to prepare your business for sale and begin the transition into retirement? Consider these recommendations from a Phoenix Certified Business Intermediary (CBI).
Choose a Great Team With Clear Leadership
Any serious buyer for your business will want to verify that your company is not only well managed, but supported by a capable team who understands the industry and works well together. Naturally, a prospective buyer will be concerned about a smooth transition period to their new ownership, and few things will work better to ease those fears than having a proven manager or leader in your business who is committed to the success of your company and is ready to provide solid leadership in the months and years to come. As you build your team, it’s important to select a second-in-command who fully understands how the business works as well as the challenges your industry is facing, and who is committed to being a central asset to the successful operation of your company after your retirement.
New business owners may feel overwhelmed and intimidated about taking control of a business, especially if they have never done so before. Although having a proven leader on your team is important, you’ll also find it valuable to automate as many processes as possible when you sell your Phoenix business. The goal is for your prospective buyers to feel confident about purchasing and operating your business. Consider automating manufacturing or distribution processes, developing an operations manual, and keeping electronic records.
Get a Head Start On Paperwork
You as the business owner, along with your Mesa business broker, hold the critical job of doing everything you can to alleviate fears and concerns on behalf of your potential buyer. Anything you can do to boost confidence that your business can be run smoothly, with few headaches or hiccups, will increase the likelihood of a smooth business sale. Put together a packet of information that will help promote a smooth transition and help the business to continue earning income. Your manual should include all the steps you can think of that will improve your buyer’s chances of being successful.This is a worthwhile investment of your time and effort.
In your manual, you’ll want to include information about how to work with specific customers, employees, and vendors. After the sale to the new owner has been completed, you’ll want to make sure that everyone involved with your business is aware that the sale has taken place and that processes have been established to make the transition as smooth and hassle-free as possible. Your buyer will be happy to receive any information or steps you can provide to promote a smooth transition for all parties.
Work With a Qualified Business Broker
Most business owners have never sold a business before and are likely unprepared for the complex and sometimes challenging process. Working with a Chandler business broker who has experience and connections in the industry is one of the best ways to ensure a smooth sale and transition. A Certified Business Intermediary (CBI) is a trained expert who understands how to buy and sell a business, what buyers and sellers are looking for, and what steps need to happen to prepare for a successful sale. For best results, don’t try to navigate this difficult process alone!
Certified Business Broker In Phoenix
When it comes to selling your business in Phoenix, so you can transition into retirement, work with a knowledgeable business broker who understands the complexities of the entire process. Phil Reese, CBI, is ready to guide you through preparing and selling your business for maximum profit. His years of experience and successful results have earned him a reputation for being one of the best in the business. Schedule your consultation with Phil Reese today!
Written By: Phil Reese
Phil Reese – Arizona Business Broker
7077 E. Marilyn Road, Bldg. 4 Suite 200
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