Welcome Back
Sign in to be closer to your community!
Follow other divas, like and comment
on their posts, message them, and see
who loved your posts!
Invalid username or password
You have not verified your account by clicking on the link we sent you via email. Please check your email folders (including your Spam folder) and click on the verify link sent.
Email is required
Password is required
Join FashionPotluck.com
Create your own profile in order to create content, follow other divas and like their posts, use our own messenger, and be a part of a growing international women community!
WELCOME TO OUR COMMUNITY
Fashion Potluck -
the first social media
platform for women.
You are free to read/watch & create content,
express your true self, and interact with others.
Join for free
Already a member? Log in here.
Purchase Alert
Dear Queen, you can only buy from one seller at the time. Please finish this purchase first in order to buy from another FP member
Comments
Please select one platform to continue
Please select one platform to continue
Please select one platform to continue
Please select one platform to continue
Please select one platform to continue
Please select one platform to continue
Please select one platform to continue
Please select one platform to continue
EDITOR APPROVED
You are wondering what is this 'Editor Approved'?
Well, this is pretty awesome! In order for the post to qualify and receive this accolade, it has to have a minimum of 700 words and two images (at least one original).
Receiving this accolade means two things: 1) Your content is amazing! Good job! 2) Your content qualifies for our monetization program. Every week two of the most read posts receive monetary rewards.
Have the badge & want to monetize your content?
LIFESTYLE
4 Tips to Help You Sell Your Business
Deciding to sell your business is a major milestone. It not only directly impacts you but also your employees. Plus, depending on the buyer, it can even impact the future of your brand after you're no longer involved. As such, you must prepare for the sale as best you can.
Whether you're looking to hire a business attorney to help you oversee the sale or you're looking for general advice to make the process as hassle-free as possible, here's what you need to know to help you sell your business.
1. Hire a business attorney
No matter the overall exit strategy, business owners who want to sell should retain legal counsel. Whether you're using a law firm to comb through your financial statements before a business sale or you want to use legal services to help broker a deal between you and a prospective buyer, the right litigator can help sellers much more than you might suspect. So, before you hire a law firm, it's important to do your due diligence and to find legal representation with extensive experience working with limited liability companies (LLCs), small-business owners, and small business sales. After all, you wouldn't want to hire a law firm that works exclusively with estate planning to represent you during the business sale, would you?
If you're struggling to find the right business law specialist or litigator, start by asking colleagues, key employees, and competitors for referrals. This can help you find a business law practitioner who is prepared to help you navigate the merger, acquisition, or sale process. The right law firm can help a seller not only during the sale process but afterward as well. Whether they're acting as an intermediary between you and the new owner or helping you properly broker the sale, there are always reasons to retain legal counsel when you're preparing to sell your business. To find the right attorney, Google location-specific phrases like "Sacramento business attorneys" or "business lawyers in Seattle." It'll help you find someone with the right practice area.
2. Review your financial statements with a fine-tooth comb
Whether you're looking through your existing financial statements to review your cash flow or you're taking note of any outstanding inventory orders, you must have your financials buttoned up before you sell your business. Whether you're a retailer that crafts petite clothing or you're an entrepreneur in the local real estate market, having access to important financial statements can mean the difference between a smooth sale and a prolonged ordeal. Though you don't need every balance sheet, discount authorization, and receipt you've ever handled, having a firm grip on your financials makes a big difference for possible investors.
Your financial statements will also greatly impact your overall business valuation. If you want the greatest possible business valuation, whether you run a limited liability company or a corporation, you want quick, easy access to your tax returns, retail balance sheet, CPA data, and other projects. This helps an appraiser more accurately determine the value of your business and can get you closer to your original asking price. If you're not currently, retain a financial advisor to help you review your data. Many offer free consultation opportunities and have years of experience with business sales.
3. Boost your sales as best you can
In this step, you want to leverage your existing customer base to the best of your ability. No matter your practice area or whether you sell blouses, sweaters, or outerwear, the best way to do this is by finding ways to increase your sales metrics. An investment banker or prospective buyer likely wants to purchase a cash-positive business. Whether you slash list price amounts, offer free shipping, or even push new customer sale price totals, increasing your sales can help you entice the right buyer. If you handle particularly complex transactions this may not be as simple, but it's important to do your best to rally your customer base to provide one final sales push.
4. Have your contracts in place
Once you've acquired financial records, reviewed business transactions, and are ready to vet buyers, it's a good idea to make sure that you've got solid contracts in place. During the sale of your company, contract adjustments and negotiations can overly prolong the sale process. As such, a smart seller will review any contracts, non-disclosure agreements, and business partner documents before meeting with a buyer. This will help you speed up these often complex transactions and avoid any future legal issues due to contract discrepancies. It's a smart way to approach many commercial transactions and help you take the first step toward a successful sale.
If you've ever Googled "how to sell my business," you're not alone. Whether you're selling to a family member or a stranger, a business sale involves sensitive information, trade secrets, and financial statements. With these tips, you can find a buyer who is the perfect fit to continue your brand's legacy. It'll make a big difference in the end.
Comments
Related Posts
- Who Needs a House Closing Lawyer? by Monica Quinn 0
- Revitalize Without Surgery: Exploring Popular Non-Invasive Cosmetic Treatments by Erin Lane 0
- Understanding Lip Reduction Surgery: What You Need to Know by Monica Quinn 0
More Posts
- fgdfgfd by Honh Huide 0
- Barcelona for Fashion Aficionados: The Essential Guide by Milly Grace 1
- Ice coffee to cool down by Didi Shale 0
Tags
Vote content out
Reason for voting this content out?
Reason for voting this content out?
Add Comments