Selling your business
Steps of selling a business.
Ensure selling is the best decision
Decide who will handle the sale
Decide what you are selling
Draft a contract
The contract usually prepared by an intermediary contains everything agreed upon.
Take care of employees
They should know about the sale and get all the necessary notice and payments.
Finalise your legal and tax issues
Once you have done this, you can transfer the business to a new owner.
Value the business
Getting buyers for your business can be done in different ways. You can choose to advertise it using any of these methods.
Using real estate agents or business broker, Traditional and digital media, Existing networks of friends, family, employees, etc. Customers of the business, Word of mouth. Your method will depend on the type of business and the industry you are in as well as your contacts. You should also make sure you are familiar with the rules so you will know what to disclose to potential buyers.
You and the buyer have to agree on the sale price, settlement period, deposit amount, handover training where it is needed, and arrangements for the staff.