SELLING YOUR BUSINESS: TEN STEPS AND EIGHT RULES
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Murphy Business Brokers & Intermediary Advisors
Vincent Murphy President
SELLING YOUR BUSINESS: TEN STEPS AND EIGHT RULES FOR GETTING THE BEST POSSIBLE DEAL
Selling Your Business Is A Process, Not An Event Selling your business for its highest and best value requires time, teamwork, research, planning, strategy, preparation, networking, and commitment. This article is all about the process. The process suggested here is meant to maximize your chances of multiple, interested buyers who bring multiple offers to the table. However, the rules, principles, and processes set out here are just as applicable if you only have one interested buyer, or know in advance who your buyer is likely to be. In all cases, this process will help you manage everyone’s expectations, including your own, and will channel energy into its most productive path. Working through this process in a diligent and conscientious manner can have an immediate, positive impact on your business, which could become increasingly meaningful the longer it takes you to find a buyer, or if you postpone your timetable for selling out. The Eight Rules There are eight rules and ten steps suggested in this article. Some rules apply to more than one step. The eight rules you need to consider are
Rule #1: Do not try to sell your business yourself.
Rule #2: Have a clear understanding of why you are selling your business..
Rule #3: Have a realistic understanding of what it is you have to sell and how valuable it really is.
Rule #4: Have a good understanding of why someone would want to buy your business.
Rule #5: Get your house in order.
Rule #6: Plan to sell a business opportunity, not a pile of assets or a set of financial statements.
Rule #7: Plan to have multiple, enthusiastic buyers for your business.
Rule #8: Do not get attached to a particular price for your business; plan to let the market give you
the best idea of what your business is worth
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