Getting Your Kelowna Business Ready To Sell

Start with the end in mind when starting your Kelowna business

Are you thinking about selling your Kelowna business or even retiring? Maybe your business is doing great but your heart isn’t in it anymore. Whatever the reason might be, selling your business can be a very fruitful, albeit stressful, experience. Selling your Kelowna business doesn’t have to be an agonizing process as long as you take the right steps to make sure the sale is goes in your favour.

Here’s 4 Tips for Selling Your Kelowna Business

1. Begin With The End In Mind

Many business owners don’t think about their exit strategy until they are ready to sell. Big mistake! The time to think about your exit strategy is when you’re writing your business plan. It’s crucial to build a business that is sellable. Many entrepreneurs have great businesses with terrible internal processes. This can prove to be a major hurdle when trying to sell your business. Improve best practices and refine processes constantly so when the time comes that you are ready to sell, you have a well-oiled machine that can be easily taken over.

2. Finding Your Ideal Buyer

Just like when you first started your Kelowna business, you had to find your target market. The most common buyers you will encounter will be of two varieties: those that are motivated by how much profit you’re making, and those that see your company as a welcome addition to their current business strategy. It’s very possible that your competition will be interested in acquiring your company, especially if it has been a threat to their bottom line in the past. The Kelowna business community is small and tight knit so a little research could prove great results faster than you think.

3. Be Clear On The Terms

You can’t afford any lack of clarity during the sale of your Kelowna business. Carefully consider all the assets of the company and choose exactly what you are selling. Selling a business will generally include physical assets as well as trademarks, goodwill and client lists. If your business has been incorporated then you must decide if you’re going to do a share sale or an asset sale.

Have good representation with a corporate lawyer and an accountant skilled in buying and selling businesses

4. Be Prepared to Answer Questions

Be ready for the inevitable interrogation that will transpire during the sale of your business. The person buying your Kelowna business is going to want to know exactly why you’re selling it, who your customers are, your market penetration rate – they will want to know your company inside and out before they buy it.  So make sure you are well prepared to answer any and all questions about your business.

These are simply a few pointers to get you started when considering the sale of your business. Always seek out advice from your accountant and a qualified lawyer that can draw up the proper documents during the final stages of your sale.

What has your experience been in either buying or selling a Kelowna business? What advice would you give to prospective buyers and sellers? Leave your answer in the comments below.

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