You may be ready to retire or be looking to move on to a new business venture. Whatever your motivation for selling your San Diego business, are you worried about finding buyers during the recession? Even now, there’s still potential for a profitable exit, but it’s all the more important for you to make sure your business is in order since buyers may be more cautious now.
On his Usabizmart.com blog, MBA Peter Siegel gives a few preparation tips for selling your business at a fair price even in a down market. For example, instead of preparing a three year history of sales and earnings, go further back to emphasize the recovery periods after past economic downturns. We’ll help make your business a more compelling investment by making sure your business’s legal status and permits are current, while also working to resolve any contracts, employee, or customer issues.
Siegel also points out that corporate layoffs can mean more buyers on the market with the incentive to buy a business now. To find prospective buyers, you can join networking and business associations, hire a business broker, and list on online marketplaces. Entrepreneur Tom Parsley advises on the different methods for selling a business in a Streetdirectory.com article. He suggests that if you advertise online, list with a website that charges fees based on performance and has effective search tools, otherwise interested buyers won’t be able to find your business.
Once you’ve found a potential buyer, we’ll assist with negotiations and structure the deal to minimize tax consequences and legal liability, advise you about financing options, and prepare the sales agreement and other necessary documents to fully complete the transfer. If you’re thinking about exiting your business, contact San Diego Law Firm’s experienced business law attorneys as early as possible so we can help you successfully sell your business. (619) 794-0243.
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