10 Questions to Ask Yourself When Selling Your Small Business

10 things to ask when selling a small business

Nobody wants to lose money when they sell a home, right? Of course not, and it’s the same when it comes to selling your small business. You want to at least break even and if you’re really lucky, you’ll make a profit. But nothing comes easy, and there are a lot of things you need to consider when evaluating your business.

One thing many people make the mistake of doing is setting the sale price high and slowly reducing the number until the right buyer comes along. IF the right buyer comes along. The problem with this is that once it’s on the market, people will find out – no matter what and how – they will find out. That means employees, competitors, suppliers, landlords and customers. Everyone. There’s no hiding it.

Instead of playing the wait game, worrying about who knows and watching money slip out of your hands, you can take some simple steps to take full advantage of your sale and make sure you price it right. 

Ask yourself these questions:

  1. Who would  want the business? Once you write all of the possible options down, use a plus and minus system for quality of fit.
  2. What is the location?  Is it in a convenient location to prospective buyers and customers?
  3. Is there space to expand? This is a simple strategy that can be used to determine if the business should be closed and merged into their site.
  4. Can this business be improved? Is there a way to improve the business by adding it to something or having something added to it?
  5. What is the financial situation? Does this business generate cash or does it require lots of cash to grow?
  6. What do they want to do with the business? Do you even care, or is it good riddance?
  7. What is its value? Do you have valuable people that the buyer will benefit from having?
  8. Will the buyer benefit? Do you have a technology or market position that will benefit the new buyer?
  9. Is there a role for you in helping them achieve their goals? Can you help each other as small businesses to flourish and achieve your goals for the future?
  10. Have you talked to an investment company like EJ Vestco? When you combine the knowledge of experienced EJ Vestco professionals with their drive to leverage every opportunity, you can count on us to get your business sold.

Once you go through the above list of questions and get them all answered, you’ll be ready to sell your small business. You don’t have to worry about losing key employees or suppliers, or the thought of customers getting approached by competitors. You will maintain its value and maybe even raise it.

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