Selling your business is a big step –it can often mean that you have decided to retire after spending many years building up a successful enterprise, or that you are embarking on a new career path –and so it is very important that you can look back on the process without regret. Often, those regrets can come in the form of not knowing if you could have achieved a better sale price –so we have prepared this handy guide with a few tips for ensuring you get the maximum payout (and the peace of mind that goes with it).

Getting the Best Price When You Sell Your Business

Start with a valuation

Any buyer will want to see that you are profitable and that your profits have not been stagnant. You can achieve some quick wins when it comes to profit increases by making your business as efficient as possible, cutting all the costs that you can, and streamlining your processes.

Identify growth opportunities

it may seem like an odd thing to do when you are looking to extricate yourself from the business, but identifying short or even long-term opportunities for growth, and documenting them fully and clearly, can improve the value of your business. If you know, for example, that a competitor is closing down or moving and you will be positioned to take on a new customer base –then this will provide the new business owner with an enviable opportunity, and there is a dollar value associated with that.

Start early

You need to plan for the sale of your business long before you actually want to step down –otherwise, time becomes a factor and you may be forced to accept a lower offer than you want. Planning ahead means that you can take your time to find the right buyer for you, at the right price and on terms that you set –and has the added benefit of giving you plenty of opportunities to improve the value.

Leverage external expertise

The single best way that you can ensure you get the best price for your business is by making use of an expert consultant. AtPinnacle Pharmacy Group, we deal with mergers and acquisitions in the pharmacy business and digital health sectors –and only in those sectors. This gives us an enviable depth of knowledge on the industry and the best ways to optimize your sale price.