If your running a small business and have decided that is time to hang it up selling the small business may be the best way to go about it. There are plenty of reasons to sell a small business. Maybe you've decided its time to retirement or maybe if you have your sights on a different kind of small business.
You'll need to get your business ready for selling if you have decided to sell. This means getting all your financial records in order for the sale. Prepare all current and past tax information as well as financial statements like a balance sheet, income statements, expense statements, and any other statements you may have.
Make sure to write a clear and concise plan of exactly what your selling. If your running your business out of your home obviously your not selling your home with it. Take a inventory of any products and equipment you have as well as customer list that goes with the business. Write a list of assets that go with the business and a list of assets that do not go with the business.
Out of the statements you will prepare for the sale make sure you include a profit or loss statement for the current year and past years. Any buyer considering purchasing your business will want to know how much money the business is make. Whether or not the business is growing or going on a downward slope with profit.
Your going to determine a selling price for your business. If you have a accountant you should discuss this with them. They will be able to help and aid you to come to a sale price. They will factor in how long you've been in business, if its growing, value of assets, etc.
You'll have to make sure any potential buyer knows what kind of business they are buying and what it involves. You can do this by writing out a summary of the business and what it entails owning the business.