So you've built your business. Now it's time to sell your BC business.
If you're a BC business owner, you may have asked yourself, "How do I sell my BC business?"
Selling a small business in BC can be a struggle.
But if you follow these steps, you will put yourself in a strong position to sell your business in BC.
1. Get Help Early
Selling your business in BC can take time.
Ideally you should start planning for the sale of your business 5 years before you actually want to sell your BC business.
But if you want to sell sooner, than you need to take steps to prepare your business in BC for sale right away.
You should plan on bringing in a business management consultant, business advisor, or BC business broker like Stonebridge Business Brokers of BC to tune up your businesses finances and operations to make your BC business as efficient and profitable as possible.
In addition, you should speak with your accountant to discuss your plans to sell your BC business and examine the tax implications of a business sale so that you can take advantage of tax-planning strategies.
Also, speak with your personal financial planner to ensure that proceeds of your business sale in BC will realize the funds that you need to adequately fund your retirement or the next phase of your life.
2. Prepare Financial Documentation Potential buyers might want to see your financial statements, profit and loss accounts and tax returns going back at least three years.
If any assets are to be included in the sale of the business (such as any business equipment, computer hardware, etc.), list them, alongside approximate current values.
A list of your suppliers would also be helpful, along with any contracts you may have in place with them.
You should also provide details of the status of your business premises (mortgage, rental lease or ownership).
3. Get a BC Business Valuation
When you first start looking at how to sell a business, one of the most important steps is to get an accurate business value estimate of what it’s worth.
Speak with a BC business broker like Stonebridge Business Brokers of BC to help gain a realistic idea of its value.
Stonebridge Business Brokers of BC will evaluate all types of financial and growth metrics which can help you decide on a fair selling price.
Getting a professional business value estimate or BC business valuation of your business will give the selling price more credibility.
4. Find a Buyer
This is the difficult part, and where a professional BC business broker like Stonebridge Business Brokers of BC can really help a BC business owner who hopes to sell their BC business.
A professional BC business broker will have a network of industry contacts and prospective buyers that will put your business for sale in front of active and interested buyers.
While business brokers in Vancouver apply a fee for selling your BC business, the value of using a Vancouver business broker in terms of time, energy and stress saved, not to mention getting a higher sale price will surpass any business broker fees.
5. Solidify Your Staffing
Potential buyers not only want to buy a client list and future growth potential, they also want capable staff.
Make sure your staff has contracts with clear job descriptions.
Often, entrepreneurs don’t have their team on contracts, and that can be a red flag for a buyer.
If you’re overstaffed, you may have to let some employees go before selling your business, so it’s a good idea to consult a human resources lawyer once you find a buyer.
They can help you determine who to let go and what severance to pay.
It All Takes Time
Selling a BC business takes time. So it's important to plan for the sale of your BC business early.
Getting prepared for selling a business might take a little longer than you’d hoped, but it pays to do what you can to get your business to the level so it can be sold for a high sale price.
Get Good Advice Before you Start
Now you know how to sell a business in BC, you should talk to your professional experts before moving forward.
Speak to the #1 rated business broker in Vancouver and throughout BC to get the expert advice and support that you need to sell your BC business for maximum value.
Find Out How to Sell Your BC Business by speaking with the experts at:
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