The 10 Most Helpful Tips for Selling a Business in Singapore

 

sell-business-1 1. Hire a Professional. Selling a Singapore business can be easy with the assistance of professionals such as business brokers, accountants or tax advisers. Accountants and tax advisers can assist you in filing and organizing your financial reports, statements of cash flow, tax filings, and other relevant documents that your potential buyer might be looking for. A Singapore business broker can market your business faster since he already has a long list of potential buyers.

2. Set a Reasonable Price. Never overprice nor under-price your business. Always be realistic. A business broker can help you achieve a selling price that is profitable yet reasonable.

3. Get Your Business Ready For Sale. Always create a good impression to your potential buyers. To illustrate, selling a business is like selling a house. Before you look for Singapore buyers, you first need to do some repairs or renovation to make it presentable and increase your negotiating capacity.

sell-business-2

4. Prepare Necessary Documents. Potential buyers to buy and selli business are always cautious and will look for specific documents that will say much about the background of your business. If you delay giving these, it’s a huge turn-off for them. Therefore, prior to making the decision to sell your business, you should have already prepared all necessary documents.

5. Continue With Your Singapore Operations. Even if you’re business is already for sale, you should not stop your daily operations. Buyers are more attracted if they see that your business continues to thrive and remains healthy.

6. Proper Timing to Tell Your Employees. Until you have ironed out all the details about selling your company, refrain from telling your employees about it, as this may reduce their buy and selli business morale and lower their productivity. You wouldn’t want this to happen because you want your business to stay healthy as it is as much as possible.

sell-business-3

7. Be Considerate. You want to sell your business fast. Most of the time, you need to be considerate and do adjustments in your selling price and other transactions so as to compromise your wants and the demands of your buyer.

8. Be Nice. Some sellers lose their buyers because they are firm with their decisions and refuse to make negotiations. As the seller, you need to be nice in dealing with your buyer. Take time to listen, analyse, and negotiate with them. A harmonious transaction leads to positive results.

sell-business-4

9. Don’t Rush. You want to sell your business as fast as possible, but it doesn’t mean that you give in easily to the first buyer that expressed interest in buying your business. There is a pool of potential buyers out there. Weigh all your options first – the one with the best deal.

10. Fast Transaction and Offer Assistance. After identifying which among your buyers is the best, close the deal as fast as you can. Most importantly, tell the buyer that you can offer him buy and selli business assistance should he encounter problems regarding the transfer of ownership.