Who's Going to Buy Your Business - You Need a Plan to Get Money in Hand

Category: Business Law and Planning

From the Puget Sound Business Journal: How to find the right buyer for your business :

The value and importance of estate planning are obvious. Preparing a will,
naming beneficiaries and establishing trusts may all be important steps in your
plan.

But if you are a business owner, the complexity of your estate planning increases substantially. Your heirs will be unable to enjoy the true value of your business unless you find and train the right successor well in advance.

According to the Small Business Administration, more than 40 percent of small businesses are facing the issue of ownership transfer or sale. Some business owners have family members who are willing and able to step in and take over. However, many do not. If this is the case, then your strategy probably involves selling your business. When the time comes to sell your business, recognize that all buyers are different, and finding the right one is the key to maximizing the value of your estate and ensuring the future success of your employees and customers. Follow these steps to find the right buyer for your business:

• Develop a high-quality and comprehensive document that describes your business and its background.
• Create a "profile" of the ideal buyer.
• Market the business proactively -- but confidentially.
• Screen buyers aggressively.
• Engage a team of trusted, experienced professionals to aid you in the process.

See the Article for more detailed information about the step for sale.