Sell a Business for the Best Price
Selling a Payroll and Payroll Tax Preparation Services Business
You've invested time, effort, and creativity into building your payroll and payroll tax preparation services business. Now it's time to put that same kind of focus into selling it.
In any economy, there is a right way and a wrong way to sell a business.
But they're also savvy enough to know a good deal when they see it. So for payroll and payroll tax preparation services business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
Adjusting Expectations
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your payroll and payroll tax preparation services business. In the event that the sale fails to meet your expectations, you may want to consider taking the business off the market until you can grow it enough to achieve your desired sale price.
Pre-Sale Checklist
There is a lot of work that needs to be done before you're ready to sell your payroll and payroll tax preparation services business. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
Dealing with Tire Kickers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your payroll and payroll tax preparation services business until the prospect has been qualified as a serious buyer.
Share this article
Additional Resources for Entrepreneurs