How to Prepare to Sell Your BusinessBy Angela Smith, Communications Manager
September 10, 2021
Selling any type of commercial real estate comes with added layers, so you’ll want to make sure all of your ducks are in a row before you sell.
Whether you’re ready to retire or move on to your next adventure, first thing’s first… you have to sell your current business. Selling any type of commercial real estate comes with added layers, so you’ll want to make sure all of your ducks are in a row before hitting the market. Below are some tips on how to prepare to sell.
1. Get your books together. Make sure all of your finances (invoices, accounts payable, payroll, other overhead costs) are squared away to avoid any future headaches after closing. You’ll also want to organize any legal paperwork like zoning permits, vendor contracts, licenses, etc.
2. Get a property/market valuation. Depending on if you want to sell the business or just the property, you’ll need to find out how much both are worth. That means not only determining the property value, but also finding out how much your business type in your market is worth.
3. Speak with a professional. There are two important professionals to seek out before listing your business. The first is a financial advisor. This professional can not only help you get your current finances in a row, but also help you plan for the future. Next, a qualified real estate agent who specializes in commercial real estate can help you prepare your property (and you) for the sale.
4. Keep your eye on the prize. Just because you are ready to sell, doesn’t mean your current business operation should suffer, especially if you’ll be selling the full business. Keep focused during the process so that buyers won’t have any leverage to offer lower numbers.
5. Consider waiting. Many businesses have suffered over the past 18 months due to the pandemic. However, the US Chamber of Commerce says they expect things to turn around in 2-3 years. Until then, you might want to consider looking into things that can increase your current revenue.
United Country Real Estate has commercial property experts all over the country who can help you sell your current business or find your next investment. Check out UC Commercial Properties, a specialized website with added marketing materials and a list of commercial property professionals across the nation.