Did you know only 30% of all business for sale that are put on the market are sold! A surprising statistic to most owners, agents, and business brokers trying to sell a business in Austin! If however, you follow the steps and tips below – your chances of selling dramatically increases!
Here is a great first step. this will help you understand what you are selling AND be ready for your new buyer!
Have All Records Ready Before You Go To Market!
Have these items ready before the business goes on the market to be sold:
- The last 3 years of federal tax returns for the business being sold
- The last 3 years of financials (profit & loss statement, balance sheet)
- The last 3 years of monthly bank statements
- Copy of current lease
- List of all equipment being sold with the business
Many of the parties during the selling process will need this information:
- Serious business buyers
- Your landlord for a new lease for the new buyer
- Lenders (for a possible loan/financing for the buyer, note buyback firm in case you want to sell the note for cash after the business sells)
This is just a beginning of things to look for when thinking of selling your business. Keep an eye out here for more tips and tricks for selling a business in Austin!