How to sell my business for a substantial profit

“Business valuation is the heart of investment and risk management. Without it, you are blind” - Warren Buffet

You’ve likely spent your life building your business. You’ve spent countless hours in the evenings and weekends working, missed family time and not had a proper holiday for years. But now you want to cash in, all that time and money invested to build your business and now you want to sell for a substantial profit.

But of course, you want to make sure you can sell it for the largest amount of profit you can. We’re talking about your life’s work you need to be compensated accordingly.

Create the business that gives you the life you’ve always dreamed of…

Set clear objectives

Having clear goals on why you want to sell the business will help you focus on the decisions you need to make. Do you want to sell as quickly as possible? Or are you looking to release capital for an investment or new business?

This process will take some time but knowing what your objectives and outcomes are will make it much more likely for them to come to fruition.

Prepare the business for sale

Even though you have a business that is working and profitable, is it ready to sell? Having your business in the prime spot to sell will be vital for you to sell for a healthy profit. Anyone looking to buy your business will want to make sure it can be profitable for years to come.

Even if you don’t plan to be in the business, have a growth plan for the next few years on how the business will grow and how that’s going to be achieved. A buyer coming in will be able to see the long-term profitability of your business and value that higher.

Prepare your accounts for the last few years and make sure everything is in order. Any serious buyer will want to review your financial statements, so it’s best to have these prepared and up to date.

With you leaving the business a new management team will be taking over and thus you will need to pass over responsibility to new people. Make sure a management team is in place so you can leave the business without a hiccup. You’ve played a key part in the business, and you must be able to pass the baton over to the new team.

Get your business valued

You may have an idea of what your business is worth, but do you really know? It’s important to see what the current market values your business and if it meets your expectations.

You can use our Value Builder assessment to get an accurate valuation and learn the key drivers that determine your business value.

Find a buyer or use a broker

When looking for a buyer, you can either find a buyer yourself or use a broker. Using a broker can be easier as you might have access to a wider network of buyers, or you can use your own network of contacts who might be interested in buying your business.

Using a Broker will free up your time to still work while they take care of negotiating for the best price. But remember they will take a commission for their services.

Be patient

Selling your business can be a long and arduous process, so it’s important to be patient and this will allow you to get the most for your business. Any urgency or rush may reduce the list of potential buyers.

It can take time to complete all the pre-sale work you need to carry out; take your time to complete these to a high standard and you give yourself the best chance to make the most profit.

In summary

There are several factors to how you can sell your business for substantial profit. The business you’ve built is precious to you and you need to make sure the sale is right for you and for the right price. Understandings these factors and maximizing your business for the biggest sale will lead to your business being sold for the largest profit.

If you want to discuss your business valuation and how to sell your business for a substantial profit, book a free coaching session with one of our certified Business Growth Specialists and see how to maximize your business sale.

If you would like to discuss your business plan and make sure you are set up for success, book a FREE coaching session with one of our certified Business Growth Specialists and discover how to unlock your full business potential.

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You're going to see some visceral improvements in your business, there's no doubt or maybe in yourself as well. I added exercise goals to my coaching, something I've never cared about, now I'm sort of cycling regularly and doing gym stuff and this is awesome. It makes you feel really good and that feeds into the business and in your own personal life. - Joe Terrell, Managing Director of Drifted

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It's been mind-blowing. I can't believe that in the short space of time what my coach has achieved for us and helped us with. We've got a clear vision, we're all working as a team, everything is in place, so it's a win-win really. - Jackie Kerr, Managing Director of Jackie Kerr Recruitment.

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