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Selling a company is an intricate process. The timeframe and outcome can be influenced by a range of factors. The process may be lengthy and complex, and an unwary entrepreneur can be entangled in a myriad of traps. These include failure to sell at lower prices than anticipated and breach of confidentiality.
Fortunately, with the right preparation and help you can make the necessary steps to ensure that your company sale is a success. Be realistic about your expectations. This includes assessing your own personal readiness to let go and making preparations for the financial impact of the sale, and knowing what your company is really worth.
You should also be prepared for any inspections that might be required. It is important to ensure that your financial statements are in order, and that you have copies of all contracts with clients and suppliers, and develop an org chart to track the flow of information. It’s also an ideal idea for interested parties to sign a nondisclosure contract to ensure your confidentiality.
You must be able to answer any questions about the reasons you’re selling your business, and why you think the time is right. It’s crucial to explain how your business will continue to flourish under new ownership. It is also important to consider the impact of the change on employees and how to deal with their feelings. Find a buyer who will keep the legacy and mission of the business.
