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Make your business an appealing choice for buyers: part one

Some small business owners in Moorestown may find that after years of owning their business, it is time to sell. The reasons behind the sale may vary, perhaps due to good market conditions or the desire to retire. However, selling for a good price is not always easy for the small business owner. Keep in mind though, that it is entirely possible to sell for a profit. The goal is to make your business an appealing choice for an acquisition.

First of all, there needs to be an established mode of business in operation when you try to sell. Set your business up in a way that a buyer could step in and start seamlessly profiting from it. Keep good written records about how to run the business. Write in a way that a person new to the business would be able to examine the records and then perform the duties needed to run the business. This includes when certain necessary tasks should be completed. If there isn't an employee handbook, now is the time to make one and stick to it.

Second, it can help to have your own accounting software. This can be used to easily access your statements regarding your losses and profits. The software can also do budgeting, keep abreast of trends and keep records regarding accounting and payroll.

Similarly, it can also help to have field service software. Doing so can be a good way to grow your business. It can make it so that you can prepare and send your quote for services via email, allowing it to be accepted by the other party via the Internet in mere minutes, making it attractive to customers as well.

We will explore further ways to make your business attractive to potential buyers. It is also important to remember that the sale of a business, just like other business transactions, should involve more than a mere handshake. Legal documents should be drawn up, to protect both the interests of the seller and the buyer. Having the advice of an attorney can be essential to making sure these documents are fair and legally sound.

Source: Lawn & Landscape, "6 things you must do to sell your business," Harold Fox, Sept. 27, 2016

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