1. Accentuate the Positive. (Eliminate the Negative!) Convey your business’ strengths to potential buyers. Examples: your presence in the community; the foundation you have spent years building; your highly skilled sales staff.
2. Price Your Business to Sell. Be honest—buyers will likely know a fair price. A third-party business valuation with preapproval from a bank is also recommended.
3. Clean House. Make sure your business can be easily transferred by having your lawyer review your client and vendor contracts, employment agreements, and other documents.
4. Stay Focused. Don’t ignore everyday tasks to put effort into the sale. It’s important to show buyers that the business has future potential, even if it is distressed.
5. Be Confident. Buyers frequently have a sixth sense for desperation. Remain levelheaded throughout the sales process; otherwise they’re likely to exploit any perceived weaknesses.
Source: Domenic Rinaldi, President and Managing Partner of Chicagoland Sunbelt