14: Selling your business

• Deciding when to sell
• Selling your business is a process
• Careful planning is necessary
• Most common mistake is lack of preparation
• Accounting for past 5 years in place
• Include or exclude real estate?
• Recruit and pay for professional help
• The business broker
• Professional appraiser
• Business lawyer
• CPA (tax expert)
• How to set the price of your business
• Be realistic on pricing and financing
• Methods of evaluation
• Goodwill
• Finding buyers for your business
• Your broker's role
• Advantages of selling to your competitors
• Negotiating your sale
• See session 5 Negotiating Tools
• Selling the business to your employees
• Company employees are highly motivated
• Employee workouts
• Employee Stock Ownership Plans (ESOP's)
• Top ten do's and don'ts
• Resources
• Session Quiz