A typical business sale will normally take between six and 12 months, and in some exceptional circumstances, years. After all, selling a business is not akin to setting up a car-boot sale and auctioning off your lesser-wanted items for a minimal price. A business amasses years of hard work, time and investment – often considered the precious brainchild of a seller – that requires careful consideration and thorough legal and financial checks before it can be sold onto the next owner.
Naturally, such processes are quite time-consuming. But if you are a private seller looking to sell his business in a matter of months, things will have to be different. The reasons for wanting to make a quick exit may vary; retirement, changed personal or financial circumstances, issues pertaining to health, or simply wanting to explore a new venture may be the case for needing a fast sale, and the methods of achieving results may also be different from seller to seller.
Below, we take a look at what is required from sellers to help you sell your business – fast!
Get the paperwork readyA fast sale would be impossible to achieve unless all your company’s affairs are in order. A preparatory element regardless of how the fast sale proceeds, your company’s paperwork ought to be filed and ready for assessment as soon as possible.
Contact buyers yourselfAs an established business person, your network is likely to be abundant with contacts and industry specialists, some of whom could be potential buyers. If you are looking to achieve a fast sale, you, as the seller, are advised to be proactive and get in touch with individuals who may show an interest in acquiring your company and would be willing to take it over in a short time span. This method could save you a great deal of time, and can even save you the money that would have been spent on advertising.
Instate a business partnerA quick exit does not necessarily have to mean a fast sale – in some cases, perhaps adding a partner is the way forward. A partner can manage and take on the day-to-day duties of the business whilst you focus your attention elsewhere – this is particularly advantageous if you do not think achieving a fast sale is possible at the time, or if you feel as though you have to undersell in order to achieve a sale.
Achieve a close saleIn the event that you are forced to make a fast, and potentially unwanted, sale, selling to someone close to you can be the best solution for your business. Be it an employee, friend, family member or even a prominent figure in the industry with whom you have interacted with on multiple occasions, people who are close to you will already have an emotional investment in your company, making them the perfect replacement for you.
Sweeten the dealA fast sale can be made faster if new potential owners of your business are presented with incentives. These can come in the form of lower asking prices, seller financing and training deals, all of which could provide buyers with additional assets as part of the deal as a whole.
Asset liquidationCertainly not the most attractive option, but liquidating your assets is one way to achieving a fast sale. If the business is no longer profitable and you are unable to find a new owner in the short-term, then turning existing merchandise into cash may be the most efficient way to get any final returns from your company. While it is unlikely that you will receive any funds for intangible assets like reputation, brand recognition and relationships with customers and clients, physical equipment can be changed hands to new owners relatively seamlessly. This method may be a last resort, but it is a viable method through which to succeed in making a quick exit.
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