I want to retire, how do you sell a business?

Question

I am looking to retire soon and would like to sell my business.

It is a home lighting business based in new york, with a showroom, small factory, lots of stock & a website. The factory is a bit of a mess though, and i do not have the energy to clean it. Are there any good publications, web sites or services that help sell your business that actually works?

Answer 1

I would strongly recommend craiglist.com or bizbuysell.com. Craiglist is free but make your that you mention that they must provide you with a pre-approval letter or proof of funds before you could release any information.  

Answer 2

How much does it make a year?

How much you asking?

Answer 3

Try looking at entrepreneur.com they have good articles.

You should also contact your bank, they often do business evaluations. It's kind of risky trying to evaluate your own business, as you could vastly over value or under value its worth. Plus it's difficult to know how to market your business to potential buyers, since different buyers may be looking for different things in acquiring your business.

I'm not sure what 'lots of stock' is referring to, but if there are stock outstanding or any debt associated with the business, you should definitely look into a bank or broker helping you sort out the best way deal with your outstanding debt and equity.

Answer 4

There are so many ways to sell a business your head will spin. I suggest you contact a local realtor if there is property and a building involved they sell businesses just like homes. Call several agencies and get a feel for theservices they offer. I would suggest you select one of the big boys like ReMax to get the national exposure. People have sold their businesses on Ebay also. I would Google businesses for sale and see the companies that pop up. There are several that you can list your business for free.

Answer 5

Your best bet is to sell it to a manager or an employee.  If you do not have someone capable right now, take someone under your wing and train him to be a manager/owner.

Make sure your books are in order, they will aid greatly in someone obtaining financing for this venture.

Expect not to be paid in cash for everything.  Likely you will have to hold either a first or 2nd mortgage on the company.