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The preparation will help you to improve your financial records, business structure and customer base to make the business more profitable.These improvements will also ease the transition for the buyer and keep the business running smoothly.
Speak with a financial professional to determine how you want to invest the money and focus on long-term benefits, such as getting out of debt and saving for retirement.
Selling a business is time-consuming and for many people, it's an emotional venture.
Any areas of the business or equipment that are broken or run down should be fixed or replaced prior to the sale. Take some time – at least a few months – before spending the profits from the sale.
A business sale may take between six months and two years according to SCORE, a nonprofit association for entrepreneurs and partner of the U. Create a plan outlining your financial goals, and learn about any tax consequences associated with the sudden wealth.
Gather your financial statements and tax returns dating back three to four years and review them with an accountant.
In addition, develop a list of equipment that's being sold with the business.Your information packet should also provide a summary describing how the business is conducted and/or an up-to-date operating manual.You'll also want to make sure the business is presentable. Try not to limit your advertising, and you'll attract more potential buyers.It should contain: Who we are – Provide background information about the team behind the event and detail their relevant experience. For existing events, detail when it was launched, why it was launched, where it’s been held, who it attracts and how it has developed, including any milestones.Mission – Describe the core purpose of the event and what you hope to achieve during the ‘live’ event year (the longer-term vision will be detailed later).Selling a small business is a complex venture that involves several considerations.It can require that you enlist a broker, accountant and/or an attorney as you proceed.An event business plan can also be used for existing events, creating a strategic plan for taking the event forward over a period of three to five years.Read on to discover what information your plan should contain, as well as how to structure it.It’s essentially an elevator pitch you’ve had time to edit to perfection.It acts as an introduction to you and your event and lets your reader know why they should read the rest of the document (if your document is solely for internal use then it can, of course, be less formal).