I wanted to sell my business in New York City because of several reasons. For one, I had been doing the same thing for years and wanted to do something else. Secondly, the business took up a lot of my time and I could not devote enough time to my family. Thirdly, due to the constant work pressure, I was developing health problems like hypertension and diabetes. I wanted to do something different which would not be too demanding and I could enjoy more. So I decided to hire a business broker who could get me a nice offer.

Good Timing

I decided to take my time in finding the right person to sell my business to. There was no sense in going for a quick sale which could get me a much lower price. Since the timing should be perfect for making the sale, I waited till my accounts were completely audited. This would relieve the new buyers from a lot of botheration of keeping tabs on the profits. Since the timing was perfect, I could find the right buyer.

Tax Planning

To sell my business in New York City, It is very necessary to do the right tax planning. You should never proceed to sell the business without taking advantage of the relevant tax savings. You should know about the capital gains tax legislation before you sell. I had to examine the disposal method carefully so that I had to pay the minimum tax. I also learned about the property ownership to make the best tax planning.

Valuation

My business broker told me what my business was worth. Instead of basing it on cash generation, I made the valuation of my business on net assets. It also had a good rate of improvement which helped my cause. It is never possible to know all the factors which can influence the valuation and it can only be a good guess. You can put yourself in the buyer’s shoes and think what the exact price should be. The broker should be able to get you the best value.

Structuring the Business

When I decided to sell my business in New York City, I looked at the structure of my business. I made sure that I boosted the profits in every way. The non-business expenses were reduced and some margins were lifted. I disposed off the surplus assets and restructured my management system. I made the second line of management capable of taking required decisions. By doing this, I made my business ready for sale.

Sales Memorandum

My business broker helped me make a good sales memorandum. Since this will be the piece of information that my buyers will look at. The document I made was very truthful so that any buyer could verify it without any problem. The literature was good and the charts and tables showed the management accounts well. I emphasized the good points and put the disclaimers at the right positions. By doing the job well, I was able to sell my business in New York City without much difficulty.