#19 Should I sell my Business

Selling your business can be a great way of creating passive income and or profiting  from your initial investment.   The following are 7 Steps to consider when selling your business:

1. Ensure your reason for sale is sound 
•  For example retirement, overworked, profits
2. Prepare your timing for sale years in advance 
• During this time ensure proper records to ease the selling process
3. Valuation of business
• Determine the worth of your business preferably through an appraiser.
4. Decide whether you will use a broker or sell the business yourself
• Selling yourself can help save money but selling with a broker can free up time and make the process easier.
5. Document preperation
• Have all financial records, receipt and tax records for at least five years back.  It will be best to have your financials varified by an accountant.
• You can also create a packet of pertinent information for prospective buyers.
6. Finding a buyer
• Get two to three potential buyers in case initial deals fails
• Find out if potential buyers are pre qualified for financing
• Allow room for negotiation
7. Handling Profits
• Now with free time and a large deposit in your bank account can cause you to go wild
• Be sure to have a plan for the sum of money and stick to it.
• You can consider being a consultant to the business for passive income

Please view this video which summarizes all that was mentioned

This brings us to the end of this post! Please stay tuned for the next post.