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Entrepreneurs and small business owners invest considerable time, effort, and resources into creating business success. And at some point – whether they decide to retire, move on to a new endeavor, or simply think it’s time to let someone else take the reins – they may choose to sell their business.

If you are looking to sell your business in the next few years, now is the time to start getting your ducks in a row. Preparing for the sale at least a year in advance gives you time to organize your financial records and address the other factors that will make the business as successful as possible.

As a virtual consultant who specializes in selling a business, I help clients navigate the process from beginning to end. I will provide the expertise you need to develop and implement a unique plan that will not only maximize your profits – but give you a strategic and fulfilling path towards the future.

Preparing Your Business for Sale

Although each business sale is different, every sale requires careful planning and a considerable investment of time. Positioning your business so that it is attractive to potential buyers is the most essential step in the process.

Whether you profit – and how much you profit – will depend on many factors, including the reason for the sale, the timing of the sale, and the strength of your business operations. There are many attributes that can make your business more attractive and allow you to command a higher price, including increasing profits, consistent income figures, and a solid customer base. The work you do before you start seeking buyers will help ensure you are positioned to get the best value for your business.

In today’s economic environment, potential buyers are doing careful due diligence and seeking as much transparency as possible. This is why we focus our time and attention on organizing your business financial records and accurately representing its current state to buyers.

Your financial statements and tax returns top the list of documents you will need to get in order. These documents will help potential buyers understand how profitable your company is:

• You will need three years of business tax returns and three years of books that tie to those returns. Any prospective buyer’s due diligence process will require this.
• If any loans are required from buyer’s side, their bank will need the same information.
• Review the details with an accountant to ensure you present clean financial statements and tax returns and that all income is accounted for.

I will also work with you and your team – including your CPA, bookkeeper, and/or attorney – to prepare additional documentation as required, such as:

• Profit & loss statements (present and past years)
• Cash flow statement
• Copy of existing lease
• Insurance policies
• Non-disclosure and/or confidentiality agreements
• Professional certifications and licenses
• Supplier and distributor contracts
• Employment agreements and/or employee roster
• Sales history

Getting your house in order and putting your best foot forward will set the tone for the sale. Any serious buyer will respect your honesty and willingness to be upfront. However, if your house is not presentable, your books do not reconcile, or you cannot answer their questions, they will offer significantly less than you are asking – or simply walk away. I will help you ensure that they walk away saying, “Wow.”

Choose a Consultant You Can Trust

Selling a business that you have spent years building can be challenging – both logistically and emotionally. Partnering with a professional who has the experience to walk you through the steps is critical.

I bring 30+ years of finance and operations experience acquired in the corporate world to help entrepreneurs maximize their profitability – whether they are building or selling their business. I’ve worked with companies of all sizes across a range of industries, which gives me a broad perspective and deep insight that is a unique benefit to my clients.

But credentials are just one part of the equation. You also need someone who will take the time to get to know you and understand your goals. Who you can trust to provide honest, unbiased advice and support. Together, we will design and implement the right transition plan – the one that works for you.

Beth Donalds, MBA, CPA, is a veteran finance and operations professional whose practical approach to problem solving and putting fundamentals into practice has helped countless entrepreneurs and business owners translate their vision for success into a reality.

LET’S GET STARTED: 973-768-6785.

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