Five things when selling your business

Five things to consider when selling your business is this week’s podcast episode.Selling your business is a major life event and has a lot in common with selling your home. There is an emotional attachment to your business that you built up. Like our homes it has memories and will influence us when we choose our buyer.In last week's episode we talked about whether you are selling assets or shares, your business valuation and tax.Now the five things that we need to take on board.MotivationFirstly, be clear in your own mind about the reason if you are selling. Getting the right price is as much psychology and negotiation. Are you concerned with what the buyer will do with the business? Once they take it over. Does it matter to you?Listen to find out moreSerious buyers and time wastersSecondly, dealing with possible buyers. Just like when you put your home on the market. Lots people are just interested in having a nose round, time wasters who do not have the money. How to deal with that when you are selling your business is good thing to know.Listen to find out moreProtecting yourself.Your buyer will wish to look at the inside workings of your business. They will wish to know about your customer base. They will wish to know about your finances. Make sure that you protect yourself and your business.Listen to find out moreDue diligenceNo serious buyer will wish to buy your business without carrying out due diligence. Due diligence is about requires an examination of financial records before entering into a proposed transaction with another partyWhat does this involve? Weill it includes getting your finances up to date ranges, paperwork in order, operational and customer information.Listen to find out moreDistractionsDo not ignore your business while you are trying to sell it. It is easy to get distracted and lose focus. Selling your business can be an energy-sapping process. You want to make sure that the business and your team are still going strong.Listen to find out moreWhat NextFive things when selling your business, make yourself comfortable. Sit back and listenEven better subscribe so you do not miss an episode.In This EpisodeUnderstanding thew importance of seller and buyer motivationKnow how to spot serious buyers and weed out time wastersWhy it is important to protect yourself when selling your businessWhat is due diligence and being prepared for itDeveloping your own Numbers confidence and decisionsTake more control of your numbers to help make you money, survive and thriveLinkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbershttps://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zinshttps://www.stitcher.com/podcast/proactiveresolutionss-podcasthttps://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/