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2018 New Year's Resolution, Sell My Phoenix Metro Business by 2020
2018 New Year's Resolution: Sell My Phoenix Metro Business by 2020
With the change of the calendar often comes a desire to change other things in your life. New directions, new lifestyles and new challenges seem to go hand-in-hand with new years, so it’s not surprising that some business owners in the Phoenix area might be thinking about selling their business. What better time to make such a major change than in 2018 (which, incidentally, is a New Year that begins on a Monday: a perfect resolution starting situation). What business owners might not realize is that it takes time to sell a business; in fact, the better prepared businesses sell quicker and for more money than non-prepared businesses.
That’s why we’re suggesting a different type of resolution if you want to change gears, retire or start something new. Resolve to begin preparing to sell your business and move on to the next stage of your life by 2020.
Why Can It Take So Long to Sell a Business?
Selling a business in Phoenix or otherwise takes time because you have to prepare for the transition, market your company correctly, find the right buyer and then go through all the legal and financial hoops necessary for such a large transaction. Here are just some of the things you might need to do to sell your business:
- Understand the full value of your business, which means getting into the nitty-gritty of accounting, where your AR stands, the state of your inventory, future opportunities and current revenue and cash flow
- Shore up any weak points in your business, if possible, to drive up the value and ensure you get the best price
- Get a Most Probable Sales Price Analysis or Appraisal so you know how buyers are going to view your business on the market
- Implement processes, systems and procedures for employees, staff and customers to create a smooth transition WITHOUT letting them know you are planning to sell
- Work with your accountant, broker or other financial adviser to understand your monetary state and what options you might have now that you’ve divested yourself of the business
- Market your business in the most appropriate way; a LINK broker can help you position your business to attract appropriate buyers and will hold your business name and details confidential until buyers provide basic information regarding their financial and managerial qualifications
Does Selling Your Phoenix Metro Business Always Take Two Years?
No; a well-prepared business can sell within 2-6 months. The Phoenix metro area is booming, and there are plenty of entrepreneurs looking to find a door into this space. If you have a solid business with plenty of potential, then it’s simply about connecting with the right investor or entrepreneur.
Wherever you are in the sales process, working with a LINK Broker can also help you speed up the process. Even if your business does not sell in 2018, a LINK Broker can assist you in getting the maximum value out of the deal and ideally sold by 2020.