Tuesday, June 14, 2016, AM | Leave Comment
When you think to sell your business to get your investments back you need to fix many things, before enlisting your business for sale.
Well, I sold my business in just two weeks and I think that plan can surely help you to gain some potential leads and let you understand how I was able to sell my business so fast.
You will come across a number of websites in the online listing services to buy and sell businesses.
Apart from the local sites, you have many international sites who offer services for international listings as well.
Therefore, I thought to help you lay down a constructive 14-day plan to let you complete the required preparation to sell off a business without hassle.
It is important to do a self-assessment as an investor. Your honest replies will help to decide on the points and needs a rectification at the earliest.
Planning in detail to sell my business and resolve the prevailing issues infrastructure, coordination, labor, products deliveries and so on.
It is better to begin with the basic business functions like redesigning the work procedures, integrating new technology, use of online transactions and more. It is like slowly getting into the idea of sell my business faster.
Need to freeze various requirements to implement the changes as per the outcomes of day three such as procuring card readers, building a web presence and more.
Need to build the standard operating procedures to adapt the earlier changes and to know how to handle online transactions.
You simply need to redesign the product or the method of delivery. It will help to turn your business at par with the industry standards.
It is time to review the outcome of the changes and new implementations that you have taken up in the last six days. It also helped me to assess the true potential and the outcome of the revision introduced, while I was selling my business.
Initiating the phase of an exit strategy and it is important to review constantly and map the gaps. You need to come up with new ideas at par with the market sentiments.
You need to divide your strategy into three parts – Pre-planning for your exit strategy, selling procedures and after sales activities. You need to make a detailed version out of it and get the blueprint ready by this time.
You need to execute the exit strategy plan and integrate activities accordingly. This step is quite important to measure the potential of your business.
You need to put all business listing on the advertising sites. This initiates the actual selling procedure, thus leading the prospective buyers to your doorstep. Therefore, you need to make the listing much clear and so it should not be vague.
You need to collate the leads and filter accordingly, based on qualitative proposals and this enables you to filter on the minimum deal amount.
Simply negotiate and end the deal, as soon as you achieve the point you are comfortable enough to close the deal.
Once everything is set, you can opt for the final ownership transfer process as soon the amount is transferred to your account.
Hope this two weeks of the journey will bring you success as I got when I was about to sell my business.
This is a guest post.