The new year accounts for new changes, some unforeseen, some planned. Whether you have been planning a more gradual exit or not, sometimes plans change, and you find yourself needing to step down. In those cases, you’ll need to know how to sell your small business quickly. Thanks to Canada’s selling market significantly improving over the last year and a half, there are many options for you to pursue when selling. We are here to help you figure out the next steps for moving forward.
While there are many factors to consider when planning an exit from your small business, there are certain approaches you can take to help reduce the selling time.
How to Sell Your Business Quickly at the Highest Price in Vancouver
Keep in mind; this is by no means an exhaustive list and does not guarantee an exact sell-by date for your business. However, we hope this guide will help you move forward confidently and set a strategy for beginning the selling process.
Have a Structured Marketing Plan
Marketing can drastically increase the speed at which your company is sold. It’s absolutely essential that you are proactive and target the right candidates — specifically focusing on enhancing your social media presence and investing in paid search ads. Paid search ads are a very effective tool for attracting attention to your business, as they allow you to target your ideal buyer with poignant information, further expanding your audience. Additionally, a plan that increases your social media presence and has strategies to make your company stand out is an excellent way to generate interest among prospective parties.
Be Proactive – Reach Out to Buyers
Seek out potential buyers. Reach out to your contacts in British Columbia and see if any parties are interested in the sale of your business. You should target individuals or groups who you feel have a vested financial or strategic interest in your company. This kind of direct approach can show a buyer you’ve put thought into the future of your business and have carefully selected them as a viable candidate.
That being said, it is still wise to have an expert at your side, even when dealing with someone you already know. They will ensure that all conversations and business dealings remain professional and in the best interest of all parties involved.
Have Documentation of All Business Operations
You’ll want to have all your documentation, including financial statements, in order to help move along the selling process. This paperwork is crucial for all interested buyers. Some documentation to prepare includes:
- All contracts, including supplier and employee agreements
- Procedure manuals detailing the specifics of the day-to-day operations
- Financial and legal documentation, outlining all purchases, orders, and sales
- Contacts and connections; individuals who have become valuable assets to your business
Getting everything organized and providing these documents allows the new owner to understand the business better. Also, willingly and actively creating a conversation around your operations with interested buyers adds efficiency and value to the sale.
Discuss With Your Employees
Many small business owners hire individuals who are passionate about their work and want the business to succeed. With that, it is never a bad idea to talk with your employees and see if they know anyone who would be interested in investing in the company and purchasing it. Your employees have likely had many interactions with consumers, leading to beneficial insight to potential buyers.
Hire a Broker
Connecting with a business broker is one of the most effective steps you can take to ensure that your small business is being sold as quickly as possible. With years of experience, our brokers have the know-how to help you with the selling process. They will also get your business on the market and find the best business buyer for you. Our brokers at Pacific M&A work with the utmost care and professionalism and will make this process run smoothly.
There are many routes you can take to help sell your small business quickly. With the help of a broker, you can find a qualified buyer, get a completed business valuation, and make your company stand out from similar businesses. Discover the possibilities for the future of your Vancouver business today. Let our brokers at Pacific M&A help sell your small business fast and efficiently.