Selling a business isn't easy. In addition to the emotional toll of separating yourself from your
company, you'll be forced to contend with countless details, all of which have enormous consequences for
you and your business. Fortunately, however, you don't have to do it alone. In fact, there are at least
eight people who should ultimately be involved in the sale of your business.
- You — The Seller
Like it or not, you are going to play a central role in the sale of your business. You will be the one
who moves the process forward and coordinates the activities of everyone else who is involved.
- The Buyer
The buyer is an important player — maybe even the most important player — in the process. Even
though you don't know who the buyer will be, (especially in the early stages of the process) all of your
decisions need to be made with the buyer first and foremost in your mind.
- A Business Broker
A broker is to a business what a real estate agent is to a house. The broker's job is to help you
locate the right buyer for your business and to facilitate the selling process. Even though they may
not be able to do everything themselves, they will connect you with the people you need to get the highest
price for the least hassle.
- An Appraiser
Appraisers help you determine the value of your business and its assets. They have industry-specific
knowledge and experience that helps them accurately calculate the worth of things like equipment,
inventory and real estate. The benefit of using an appraiser is that it ensures both the buyer and the
seller that the company is being sold for a fair and reasonable price.
- An Attorney
The sale of a business is a legal transaction that produces a blizzard of legal documents. If you don't
already have an attorney, you're going to need to get one to represent your legal interests and guide you
through the process.
- A Tax Consultant
The sale of a business can also create a potentially significant tax liability. This liability can be
minimized, but only if you have the right information ahead of time. Sit down with your tax consultant
at the start of the process to find out what you can do to reduce the tax burden for you and the company.
- Employees
Many business owners neglect to consider the impact the sale of the business will have on their employees.
Although they may not have a financial interest in your company, they have worked hard to make it a success.
Take time to periodically update your employees, reassuring them that they haven’t been forgotten or lost
in the process.
- Your Family
Finally, your family probably has as much riding on the sale of your business as you do. It's only fair
to keep them in the loop and to solicit their advice as much as possible.
Small Business Advice & Tips
