It took years of blood and sweat to grow your business from a timid newcomer to the industry titan it is today. Now that you’ve decided to pass the helm to another entrepreneur and take up a new challenge, however, speed is of essence. The faster you can sell, the quicker a transition you can make, and the less time the organization will spend in limbo. Let’s not waste any more time then — here’s your guide on how to sell a business quickly.

Prepare a Business Summary

Investors will want to know how much your business is worth before they can make a decision. Showcasing this value in a clear, concise manner is utterly crucial when you’re looking to sell quickly. On that note, you’ll want to prepare a business summary that includes the following:

  • Accounting Statements: Current, accurate accounting records will help potential buyers review your financials. Make sure all your statements comply with accounting standards so they can be compared with ease.
  • Annual Forecasts and Budgets: You want buyers to see how well-managed your firm is. Your yearly forecast should include targeted sales, prices, and anticipated costs.
  • Cash Flow Management: Buyers will also want to know how you manage your revenue flows. Be sure to document this process in your budgetary forecasts.
  • Metrics: The key metrics you use to evaluate performance should be outlined in your statements. Also highlight how you track these metrics.
  • Industry Benchmarks: Evaluating your company using recognized industry benchmarks will help potential buyers see how it ranks within the field.

Document Your Operations

Documenting how you run the business on a daily basis is also crucial to creating a solid proposition. Here are the key aspects that buyers will want to review:

  • Organizational chart showing how the firm is managed
  • Procedures manual detailing all routine tasks and who performs them. This will help incoming management train staff quicker.
  • Current contracts with suppliers, customers, and employees
  • Automated processes and workflows

Hire a Broker

Hiring a how to sell a business quickly is perhaps the most important thing you could do to fast-track the sale of your company. A broker can identify the key aspects that investors will be looking for. They will also develop a marketing plan that will draw interest from qualified prospects — as opposed to “tire-kickers.”

Most importantly, a professional broker can help you navigate the personal side of the sale. Engaging them will assure buyers that you’ve fully divested yourself from the firm, and will therefore have no qualms moving on.

Prepare for Due Diligence

Serious purchasers will want to conduct thorough background checks on your company. Preparing all relevant documents beforehand (deeds, bank statements, tax returns, licenses, leases, loan contracts etc) will pave way for a smooth due diligence process. You’ll also want to designate a due-diligence contact team who’ll furnish the buyer with whatever documents/information they request.