If you are considering selling your company in Jacksonville, FL, here are some tips to give you the best chance of achieving a successful outcome.
Prepare in Advance
Selling a company is not something that happens overnight. There is a large amount of preparatory work to be done to get your company ready for a sale and find the right buyer at a suitable price. You should have a clear strategy planned out to allow you to manage the sale while still maintaining focus on the day-to-day running of the business.
Get Your Financials in Order
It is likely that a full audit of your accounting will need to be performed before an acquisition. This ensures that you are fully tax compliant and that there are no undisclosed pension or equity obligations.
Assemble Your Team
For business owners in Jacksonville, FL, selling your company can be made easier by building a team of advisors to provide guidance. Experienced lawyers and accountants who have been through the process before can help you ensure there are no unexpected problems that could disrupt a profitable sale.
Pick the Right Price
Many firms choose to hire a broker to assist with the sale. One of the advantages of using a broker is they know how much similar businesses have sold for in the past and can help you set an appropriate price. Pricing too high often deters potential buyers, but setting a low figure means you needlessly lose out on profit.
Focus on Revenue
A prospective buyer will be interested in the levels of profit and revenue at your business. In the run-up to an acquisition, you should place a strong focus on sales in order to increase these numbers as much as possible. By creating long-term financial projections, you can demonstrate future profits and increase your sale price.
Align Your Company for Change
If you are preparing for selling your company in Jacksonville, FL, your employees should be ready for the handover. A successful sale may require that the executive team and certain key employees remain with the firm. Careful attention should be paid to managing the internal culture and employee incentives to achieve a successful transfer.