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How do I get my business ready for sale?
Selling your business can be just as complex as developing it. If you are considering selling your small business in Texas, it is important that you understand the sales process, how to prepare for the sale, and how you will exit your business. Selling your business when the market is high can bring you tremendous financial reward, but the sale needs to be carefully conducted so as to ensure you receive a fair sales price. Our Austin, Texas business law lawyers discuss some critical aspects to the sale of your business below.
Decide When to Sell Your Business
You have worked hard to build and develop your small business. The decision to sell your business is a personal one. You may benefit from the sale of your business if the market is high, or you might want to sell if you wish to pursue a different career avenue. Regardless of your motivation to sell, it is critical that you educate yourself on the sales process so that you achieve the strongest possible sale.
Prepare for the Sale
Leaving your business will first require gaining an understanding of your business’ value. There are several ways to value a business, including analyzing its annual income, the value of its assets and goodwill, and an assessment of its liabilities. Your business law attorney will assist you in preparing an accurate valuation so that you can list your business at a fair market value.
With a sales price set, you will want to take a hard look at your business’ operations and corporate books. Any shortcomings that you see should be addressed now so that your business is attractive to potential buyers. A fairly priced, well run business should prove an easy sale.
Don’t Go It Alone
You will need help in selling your small business in Texas. Your business law attorney will prove essential in preparing the contracts needed for the sale and protecting you on the legal front. A business broker can assist you with finding a buyer who will pay your asking price.