Search

News Feed

Business People Club

What Do I Need To Consider Before Selling My Business?

0 like 0 dislike
48 views
Posted by Catnip
The process of selling a business is not as straight-forward as you may imagine, especially if you are looking to get the best possible price. Your business may have been set up in a formal and structured way; this will be far more attractive to any potential purchaser more than one which is run in a more 'personal’ way.

The best time to implement these structures and procedures in place is when the business is first set up - of course, you can always modify them as the business develops and grows but spending time on this area at the start will pay huge dividends in the future.

One of the main problems with internet businesses is that they are generally so 'personal'. This means the site owner has developed a business based around his/her own experiences and knowledge, throughout the site there will be personal traits. In the past I have been guilty myself of developing my own sites from my own experiences and this is reflected heavily in the website content.

Having a personal website may be good for you financially; however it could be problematic when you try to sell the business. The manner in which your site has be personally developed may lead you to carry out a major revamp of the site and at worst might actually affect the sales of the business.

I would advise anyone to set up an online business in a 'corporate' manner - this would mean that the websites gave the impression of having a company and losses the personal touch. However, if I had done this at the start, would any of my websites be as lucrative as they have been? My feeling is perhaps not - I know that many people have purchased from me in the past because they can relate to the situations that I found myself in as they are going through a similar situation also. Had my sites been a representation of a faceless corporation, then maybe my customers would never have become customers in the beginning.

I am unsure what is the better approach - personal or corporate - there are advantages and disadvantages to both. If you are looking to keep the business short term my advice would be:

1. Maintain proper financial records – No one is going to buy a business without scrutinising your accounts.

2. Open a business bank account – An accountant should advise you of his, as business revenue has to be separated from non business finances.

3. Make sure your tax returns are submitted on time.

4. Have a knowledge of SEO (Search Engine Optimization) and always try ahead of the competition.

5. Speak to a broker and get their advice on how to maximise your potential to sell the business in the future.

Don’t get too attached to your business, otherwise letting go could be difficult.

Your comment

Your name to display (optional):
Privacy: Your email address will only be used for sending these notifications.
Anti-spam verification:
To avoid this verification in future, please log in or register.

Related posts

0 like 0 dislike
1 Comment 69 views
0 like 0 dislike
0 comments 82 views
0 like 0 dislike
1 Comment 64 views
0 like 0 dislike
0 comments 48 views
0 like 0 dislike
0 comments 55 views
0 like 0 dislike
0 comments 88 views
0 like 0 dislike
1 Comment 51 views
0 like 0 dislike
1 Comment 199 views
0 like 0 dislike
1 Comment 82 views
0 like 0 dislike
1 Comment 56 views
0 like 0 dislike
0 comments 37 views
0 like 0 dislike
1 Comment 34 views
0 like 0 dislike
1 Comment 32 views
0 like 0 dislike
0 comments 49 views
0 like 0 dislike
1 Comment 41 views
0 like 0 dislike
1 Comment 79 views
0 like 0 dislike
1 Comment 42 views
0 like 0 dislike
1 Comment 33 views
0 like 0 dislike
1 Comment 94 views
0 like 0 dislike
1 Comment 43 views
0 like 0 dislike
1 Comment 36 views
0 like 0 dislike
1 Comment 71 views
0 like 0 dislike
1 Comment 40 views
0 like 0 dislike
1 Comment 126 views
0 like 0 dislike
1 Comment 62 views
0 like 0 dislike
1 Comment 52 views
0 like 0 dislike
0 comments 45 views
0 like 0 dislike
1 Comment 32 views
0 like 0 dislike
1 Comment 24 views
0 like 0 dislike
1 Comment 32 views
0 like 0 dislike
0 comments 32 views

980 posts

605 comments

1 comment

15,780 users

Please read community guidelines here.

You can add text, description, website links, affiliate links and contact details.

Click on image icon to upload images.

Post content relevant to business community.

Submit Post

Connect with us:
...