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How do you prepare for selling a business? Once you decide to sell your business, you’ll need some time to get your business ready. For example, you may have to take care of some unfinished housekeeping to ensure you get the best possible sale price. “Many people wait too long before starting to plan the sale,” says Ohannesian.
- Changing ownership. There are different approaches to handing over the ownership of your company. Your business structure, along with factors like partnership agreements and business registration name will determine how ownership is transferred.
- Understanding tax implications. If the business you are selling has a GST or HST account, you must contact your tax services office to close the account, says the Government of Canada Opens in a new window..
- The Lifetime Capital Gains Exemption (LCGE) If you sell the shares of your incorporated business, you may be eligible for the Lifetime Capital Gains Exemption (LCGE) Opens in a new window..
- Valuing and selling assets. Determine if you will set a price for the entire business or individual assets. Don’t overlook intangible things like goodwill and intellectual property when creating a valuation.
- Identify Your Reasons For A Sale
- Decide on The Timing of The Sale
- Get A Business valuation
- Hire A Broker
- Prepare The Necessary Documents
- Find A Buyer
- Handle The Profits
- The Bottom Line
You've decided to sell your business. Why? That's one of the first questions a potential buyer will ask. Owners commonly sell their businesses for any of the following reasons: 1. Retirement 2. Partnership disputes 3. Illness or death 4. Becoming overworked 5. Boredom Some owners consider selling the business when it is not profitable, but this can...
Timing is everything. And that includes the time it takes to get everything ready to sell your business. Once you've made the decision to sell, prepare for the sale as early as possible, preferably a year or two ahead of time. The preparation will help you to improve your financial records, business structure, and customer base to make the business...
Determine thevalue of your business to make sure you don't price it too high or too low. You can do this by hiring a business appraiser to provide you with a valuation. Once you hire an appraiser, they will draw up a detailed explanation of the business' worth. The appraisal document will give credibility to the asking price and can serve as a gaug...
Selling the business yourself allows you to save money and avoid paying a broker's commission. It's also the common sense route when the sale is to a trusted family member or current employee. In other circumstances, a broker can help free up time for you to keep the business running, or keep the sale quiet and get the highest price. That's because...
Financial
Gather your financial statements detailing assets, liabilities, and income as well as tax returnsdating back three to four years. Review them with an accountant. Dig up any other relevant paperwork such as your current lease. In addition, develop a list of equipment that's being sold with the business. Create a list of contacts related to sales transactions and supplies. Make copies of these documents to distribute to financially qualified potential buyers.
Operational
Your information packet should also provide a summary describing how the business is conducted, an up-to-date operating manual, and information about roles and employees. In addition to gathering needed documentation, you'll also want to make sure the business is presentable. Any areas of the business or equipment that are broken or run down should be fixed or replaced before meeting solid prospects or prior to the sale.
A business sale may take anywhere from a few months to years. This includes the time you take to prepare for the sale all the way to the closing, according to SCORE, a nonprofit association for entrepreneurs and partners of the Small Business Administration (SBA). Finding the right buyer can be a challenge. Allow for solid, ongoing advertising to a...
Now that you've sold your business, it's time to figure out what to do with the profit that you've made. The first instinct may be to go on a spending spree, but that probably isn't the best decision. Here are a few things you may want to consider: 1. Take some time—at least a few months—before spending the profits from the sale. 2. Create a plan o...
Selling a business is time-consuming burden and, for many people, an emotional venture. A solid reason for selling or the existence of a hot market can ease the burden. So can the help of professionals, such as business brokers. It may also be possible to obtain free counseling from organizations such as SCORE. Your local chamber of commercemay off...
May 4, 2021 · How to sell your small business: key steps before, during, and after the sale. Selling a business requires a lot of planning. Here's a primer on what to expect when selling a company.
- Kristin Mckenna
Preparing your business for sale to get a good price and make the transfer process easier. Business sale toolkit Get a kit specifically designed to prepare, facilitate and complete the sale of your business.
Business number (BN) If the business you are selling has a business number (BN), it is important to contact your tax services office, since you might have to cancel your BN. To find your tax services office, go to Tax services offices and tax centres. Payroll. If the business you are selling has employees, you must close your payroll account.
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Jan 4, 2024 · 7. Plan how you’ll manage funds from the sale. Successfully selling your business isn’t the end. You now need to plan how to manage any profits from the sale. You may want to start another business, support charitable causes, or enjoy the fruits of your labor. Planning ahead can reduce tax liabilities and ensure the money serves your long ...
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