Top 5 Tips to Get the Best Value for Your Business

If you decide to sell, you'll want to realize full value for your business and/or your assets. Here are some tips to help ensure you don't leave any money on the table.

Be prepared. 

Hire a professional business broker to assist you if you don't have the time, willingness, or expertise to fully prepare your business for sale.

Do your homework.

You don't want to have to accept the first offer for your business. Make sure you're prepared with company data and market research to prove the value of your business.

Don't get caught off-guard.

You don't want to have to give away your assets for next to nothing because you are either pressured for time or unprepared. Research the value of your assets and, if at all possible, allow yourself enough time so you don't have to take the first offer.

Hire a professional to valuate your business.

An external accountant or business valuator can provide an objective, third-party assessment of your business and assign a fair market value to it. A professional valuation can also add credibility to your asking price. Hire an auctioneer or liquidation company to do the work for you.

Seek legal counsel.

If you're not sure about how to end your contractual agreements, enlist the help of a lawyer to review your contracts and to provide a legal opinion regarding any obligations or liabilities.