What is the checklist for selling a business?
Here is the checklist for selling a business
1. Find a manager who can take care of your business in your absence.
2. Fix the operations to optimize your profit margins since it will impact your valuations.
3. Make sure that the books are sanitized so that it assists easy due diligence.
4. Have a rough estimate of who much you are expecting for the sale
5. Create a business plan or CIM which gives a good picture of your past and future.
6. Register on online platforms like SMERGERS to generate leads.
7. Talk to interested potential buyers and understand their concerns.
8. Work on concerns from time to time in order to have better conversations with future prospects.
9. Get a binding Letter of Intent (LOI) from the buyer.
10. Enter Due Diligence phase post binding LOI.
11. After a successful Due Diligence, draft the share purchase agreement and seal the deal.