A business owner might decide to sell a business in Singapore to make some profit. The other reasons could be to diversify or branch out to another area of business or due to negative growth witnessed by the business over a period of time. Selling a business is a tedious task and requires proper planning. Before making the business available for potential buyers, it is prudent to consult a professional evaluation services and get the business evaluated. The professional service would evaluate the business on monetary terms, the strengths and weaknesses and the expected current market price.
Getting a Good Return
- Proper care must be taken to ensure a good return from the sale.
- A prospective buyer would be interested in the business, only if the buyer perceives growth potential for the business.
- Though you may not be currently offering your business for sale, it would be prudent on your part to ensure that your business remains attractive for future possibilities.
Sourcing for a Buyer
- Once the decision has been taken to sell the business, the current owner should start sourcing for the right buyer.
- Prospective buyers can be found either from within the company or from the open market.
- It’s quite possible that your employees may be interested in buying your business. Make sure that you do not overlook this potential group of buyers.
Steps in Selling the Business
- Monitor the progress of the business since its initiation.
- Prepare a valuation of the business.
- Have a realistic sale price.
- List potential buyers.
- Negotiate the sale.
- Enter into an agreement before the sale.
- Ensure proper hand over and documentation