Does the business have a competitive advantage? Is your industry subject to potential significant change in the next 5 years? Experts warn that much like selling a house, business owners will only have one chance to get a top price. So it is essential to prepare their business first. New owners will want to feel they can walk in the door and pick up the reins immediately . With smaller businesses or family businesses , so much is in the owners head and it is important to have this information written down. The business needs to be in a state that will continue without you - otherwise goodwill has no value. If the business is currently reliant on you, you may need to consider whether you are prepared to continue working in the business post sale. It is important that you have all the right information and details available before you start to market the business. A business well prepared for sale is more likely to sell quickly. The following are a range of suggestions for you to review prior to listing your business for sale: Undertake a business diagnostic - this is a thorough review of your business and should include a SWOT analysis (i.e. identify your businesses strengths, weaknesses, opportunities and threats) It is designed to assess where the business is currently at and identify of areas where the business can improve, e.g. P L A N N I N G C H E C K L I S T
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