The secret to successfully selling your business in Manitoba

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The secret to successfully selling your business in Manitoba

Brad OConnor

March 31, 2021

Whether you are looking to retire, or move on to other endeavors, selling your company is never an easy decision. There are many steps to consider, and it is not an easy thing to think about, but doing some planning ahead of time will help the sale process flow smoothly and maximize the sale price. Here are some tips to help you get started and on the right path to a successful business sale!

Is now the right time to sell?

No matter how you look at it, selling a business is a complex process, and often an emotional one. Doing some market research can help you decide when the time is right to sell. This is not a process that you want to rush, as with selling a house, if you are in a hurry, you may not receive the return you were hoping for. On the other hand, the time you invest in increasing the value of your business will result in a higher sale price. Take the time to evaluate the state of your business, and the current market conditions to decide when the time is right for you to sell your business.

Consulting with a business broker can help you with this step, to provide helpful market insights, advice on how to increase the value of your business, and tips for the timing of your sale.

Increase the Value

When you are looking to put your business up for sale, you will want to increase its value as much as possible so you can maximize your sale price. The first thing you can look at when evaluating your business is operational efficiency. In which avenues can you cut costs and/or increase sales? Look at ways to increase loyalty and recurring sales with your current customers or tap into new markets.

Develop Systems and Processes

Another important aspect to look at is developing repeatable processes within your company and empowering your employees. It is crucial to the future success of your business that your processes are repeatable and teachable, so that your company will continue to thrive without you at the helm. Your staff is just as important as your processes, do not forget about them! Paying special attention to your employees, and working to resolve any internal conflicts that arise helps keep employee turnover rate low, and creates a strong team. A professional team that is loyal to your business increases its value almost as equally as tangible assets.

Hire an Expert

No one knows more about the world of buying and selling businesses than business brokers, so hiring an expert to help you navigate this tricky process is the key to success! Commercial business brokers have years of market research to help you break down how your business will be valued, and insights to help you increase the valuation of your company. Business brokers are well versed in marketing, and are able to successfully bring your business to market in a way that will attract qualified, interested buyers. Having a business broker on your side offers peace of mind that every detail is taken care of, right down to the finalization of the sale.

Selling your business can be daunting, but it is also an exciting process that can be very rewarding. Ready to get started on the sale process? Reach out to us!

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EVALUATION/CONSULTATION

If you are a business owner considering selling a business, and would like to learn more about OConnor Business Brokers and Consultants and the services we offer, please contact us to arrange a confidential business evaluation.

You will meet one of the Directors of OConnor Business Brokers, and your requirements will be discussed. During the meeting you will have the opportunity to find out more about selling a business, and how our business brokers and M&A Advisors can assist you with the business sale process.

Unlike many other approaches, OConnor Business Brokers start without any preconceived ideas about what is right for you and for your business. By understanding the business and your motivation we can help steer you in the right direction. This often challenges conventional thinking and comes as a refreshing change to the norm.

The Directors of OConnor Business Brokers have experience as business brokers, business consultants, M&A advisors, and business owners. We understand the challenges and pressures that face a business at any one point. We therefore use our time together not to try and sell you our services but to help you understand your options and how we can help.

An initial meeting lasts approximately one hour, and can take place virtually or in person at our office.

Evaluation and Consultation Request

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