It’s not enough to advertise that your business is for sale. You have to be financially, psychologically and emotionally ready to let go of the reigns, turning over the operation of your business to another entrepreneur. To get ready to sell a business online, design a sales agreement. If you own a corporation and take steps to sell a business online, preparing a sales agreement is the one of the final steps you’ll take.
Importance of a sales agreement as part of the online business sell process
Regarding this step, the United States Small Business Administration (SBA) says that the sales agreement is the “key document in buying the business assets or stock of a corporation. It is important to make sure the agreement is accurate and contains all the terms of the purchase. It would be a good idea to have an attorney review this document.”
When creating a sales agreement, include the names of the buyer and seller in the document. Also be sure to include the name of the business you’re selling. Other items to include are background information on the company you’re selling (i.e. how long the company has existed, geographic location of the company), assets included in the sell a business online transaction, purchase price and inventory included in the sale.
If you’re transferring employment contracts as part of the sell a business online deal also include the numbers and salaries of the employees you’re including in the deal. You’re going to have to schedule time to meet with employees who aren’t moving over as part of the deal, letting them know whether or not they will receive severance payments. You could also let these workers know how they can apply for other internal jobs.
Contingencies, broker fees, closing costs and the actual date that the sell a business online deal with be finalized on are other items to include in the sales agreement. Depending on the type of business you own and how you are structuring the sale, you might need to start the process of transferring ownership to the buyer next.
Looking out for existing employees during a business sale
To ensure that your employees are treated well, take your time searching for a qualified buyer. After all, even after you sell the company, it’s likely that you’ll think about the people who helped you grow your business from the ground up. Knowing that these workers are being treated fairly could decrease the amount of discomfort you experience following the sell.
In addition, after you determine that you’re ready to sell a business online, you may want to reach out to a business broker and start the advertising and paperwork completion processes. Visit transworld.com to sell a business online without having to source for potential buyers on your own. The right business broker will also work with you to ensure that you cover all bases, including creating an exit strategy, before you turn all operating power of your company over to someone else.