Selling Your Small Business

You have put a lot of time, effort, and money into your small business, but there might be a time when you decide to give up and try something else. You might realize you are not making the money which you would like, you are getting ready to retire, or other things have come up in your life. But when you are ready to put your business up for sale in Rochester, MN here are some steps to take.

Get the business for sale in Rochester, MN all ready to go. This means you will need to get your financial records out and make sure they are in order. Prepare the current as well as the past tax information as well as expense statements, income statements, and a balance sheets as well as any other documents which you may have. Potential buyers are going to want to see these papers to make sure this is a good deal for them and they will be able to make money.

Make out a plan of what you are selling. If you run a business which comes out of your home, you will obviously not want to sell the home along with it. You should write out exactly what the buyer is going to be getting such as equipment and products and even a customer list which they will get with the purchase. Let the potential buyer know exactly the kind of business in which they are trying to buy and what will be involved.

Profit and loss statements of your last year are important when you are trying to sell the company. Any of your potential buyers are going to want to know how well the business is doing and if there is really any money to be made. They will not want to spend their time and money on a business which is not seeing any profits.

Set a selling price. Before you can put your business for sale in Rochester, MN, you need to figure out the price which you would like for the business. Talk to a business broker, such as Sunbelt Midwest, to determine a price which is fair. They will take many factors into account, such as how long the business has been running, if it has grown, how much the assets are worth, and other factors which are important to the price. Just like you would go to a real estate agent to sell a house, business brokers help you to sell your business.

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