Everyone at some time has thought about selling his or her business. It is a natural thought after a very difficult day. It is something that comes to mind when you see all your friends retiring. Some people always adopt this pattern. They buy businesses for sale, build them up and then sell them. In Seattle, those who plan to put their business on the market may fall into any of these categories.
Before you proceed to talk to a business broker, you need to do some preparatory work. It is best you being a year or two in advance. The basic planning requires you be thorough. It also demands that you ask yourself a specific question. What does your business currently possess that some other individual would want?
Look at Your Assets
When you consider the number of businesses for sale, one thing pops to mind. This is your company’s assets. What assets does your company have that would make it attractive to anyone else? To answer this, you need to make a list of everything this could entail. It will vary for different businesses for sale. Yet, you need to have the mind of a financial broker and a potential buyer. Those that should fall under this title and be up for consideration are:
1. Inventory: What you currently have in stock and what you may have in stock when the time comes to sell your company or business
2. Equipment: You need to know the types, purposes and monetary value of each
3. Real Estate: Do you and/or the company, own real estate or is the land rented? If it is a rental property, or you have both types, it is essential to record such things as taxes, rents and related items
4. Obligations: What contracts, franchises, licenses or similar legal obligations does the business have?
5. Accounts Receivable
6. Cash
7. Branding: Does the company have its own brand? Is it well known in its field?
8. Lists: Do you have a strong customer/client list as well as one with your suppliers, buyers, etc.?
9. Products: Are there any in development? Do you have any patents?
10. Personnel: Who are the key people in your business? Will they stay on or leave?
These are all elements of preparing any Seattle business for sale.
Businesses for Sale
If you plan to sell your business in Seattle, it is vital you do some preparatory work. Even before you consider such things as taxes, profits and potential improvements, you need to look at what makes your business special or at least attractive to a buyer. Only by carefully looking at its assets – both tangible and intangible, can you hope to find someone who will prefer your company to all the other businesses for sale in your region or market.
