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Creating a business that will attract buyers

On Behalf of | May 1, 2017 | Buying & Selling Businesses |

North Carolina entrepreneurs might be interested in building a company that they can eventually sell. However, this is not something that is done easily or quickly. A business that will be attractive to buyers and make money for the owner who sells it must be developed over time and with that goal in mind.

One tricky aspect is that it is necessary to predict not what buyers want in the present but what they will want in three to five years. It is also necessary for the business to be profitable.

Entrepreneurs should also keep in mind that buyers will be looking at many different businesses. They should be careful not to give buyers any reason to say no. This includes being open and transparent, keeping good records and getting rid of any problem managers or employees. The more trouble-free a business is, the more a buyer will be attracted to it. This includes creating a business that can run without the founder. Some successful companies fall apart when the owner is away for just a few weeks. A business that can be sold needs to be one that doesn’t need to keep the original owner around for it to run effectively.

When people havebuilt up a business to a point that it will be attractive to buyers and is ready to sell, they might want to consult an attorney to assist with the process. Selling a business can be complex, and an attorney might be able to help ensure that the seller gets a good deal and that documents are prepared correctly. For example, a buyer might not have financing or necessary paperwork in place, and an attorney may recognize this.