Preparation is key. This is true in just about every aspect of life. If you’re a parent, you probably packed a hospital bag well before going into labor. The nursery was likely put together long before the baby arrived. You likely budget and plan before a family vacation. You probably even write a list before going to the grocery store. The same is true for selling a business in Boston. If you would like to know how to prepare – and how far in advance you should be prepared, then look no further.
To ensure your Boston area business is ready for a sale, you have to take some necessary steps to get it there. You need to perform a business valuation – but not before you organize all of your financials and tax documentation. You need to list the business for sale – but not before you write a business description/strategy, with details on inventory, sales, vendors, etc.
The same goes for determining how much time you need for these business preparations.
Time is of the Essence
There is no magic number like 4 weeks. However, the preparation time is calculable – depending on your specific business. Are you most profitable during a certain time of year? You will likely want to get in those numbers before performing a business valuation. The more profitable your business, the more likely it will sell quickly, and for a very reasonable price.
Some experts have provided a timeframe – i.e., one year. This number is generous, but it provides enough time to increase profitability, establish a loyal workforce, cultivate or solidify vendor and supplier relationships, etc. In addition, it accounts for the time needed to organize financials, list out tangible and intangible assets, and create a thorough business portfolio with detailed terms and conditions. A buyer is much more likely to make an offer if you look organized – if you look prepared.
But remember, no time frame is ‘one size fits all.’ If you are curious about your business, contact your local Transworld Business Advisors in North Boston. The experienced brokers at Transworld North Boston can help you put this in perspective for your business.
Prepare Now. Worry Less Later.
Between listing and signing on the dotted line, there are many steps to consider. Each and every step is necessary to streamline the selling process. Closing can be nerve-wracking, but the legal jargon or red tape does not have to catch you by surprise. The key is to be prepared for anything – and everything and turn to your experienced business advisor in Boston for guidance.
Before the harsh Boston winter begins, you change your tires, make sure your windows are properly ventilated, and pull out the wool coats, right? The same goes for selling your business in Boston. Of course, we understand it might be difficult to know where to start or what it all entails but you don’t have to do it alone – Transworld Business Advisors North Boston has an award-winning team standing by ready to assist you.
The moment you decide you might be ready to sell your Boston business soon, give us a call. We will let you know what needs to be done, what is in good shape, and what you can expect from the entire process. Your biggest concern should always be running your business and keeping it profitable. Leave the rest to us!
