How to Prepare to Sell Your Company

 

Prepare to Sell Your Company pic
Prepare to Sell Your Company
Image: investopedia.com

An accomplished entrepreneur, Linn Crader serves as the president of both Business Transaction Services, Inc., and Murphy Business Northwest, Inc. With more than three decades in the mergers and acquisitions industry, Linn Crader leverages his experience and knowledge to help owners succeed in the sale of their company.

For most business owners, the process of preparing for a sale starts with determining their motivations and goals for the sale. Owners must have a clear idea of how they want to execute the sale and be realistic about how being acquired may affect their career and their company’s future. This information guides owners as they search for prospective buyers and gives them an idea of what actions will produce the best outcomes.

Once owners have an idea of what they hope to accomplish, they can start getting everything in order and hire the right M&A experts. The process of getting things in order is often exhaustive and requires owners to sort through their company’s history and finances to ensure all the necessary taxes are filed and there are no financial issues. Meanwhile, M&A experts, such as tax advisors and attorneys, ensure owners have done everything required of them and can help create a sale process that is smooth and successful.

Owners should subsequently start telling their management team of their plans. This often involves discussing an estimated time frame for the sale and clarifying how the transaction will help the company’s future. Further, management teams should be tasked with running the business during the sale process to ensure there are no problems that could jeopardize the transaction.

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