If you're thinking of selling a business, you need to be aware of any obstacles that could prevent a successful sale. Fortunately, there are some things you can do to identify and address these issues promptly. Below, the business planning professionals at Zoellner, Garten & Company in Cincinnati, OH, discuss a few steps to take.

Consider Your Business From a Buyer's Perspective

You've likely devoted yourself to your work and to building a successful venture. But when selling a business, you can’t view it as the product of your hard work and commitment. Instead, you must adopt the perspective of the buyer. What would a potential buyer find appealing about your enterprise? What are the benefits it provides? What are the drawbacks? Think like a buyer, and you can start to make your venture more attractive to those interested in buying an established business.

Focus on Risk Minimization

This is an aspect of thinking like a buyer. Someone interested in purchasing your enterprise is going to be focused on minimizing their risk. At first, this component may not even be on their radar, but as a buyer becomes more serious and interested, the focus will narrow to risk minimization. What can you do to assuage a buyer's fears and prove that your enterprise is profitable? How can you allay their fears? What proactive steps can you take to minimize their risk? Once you have answers to these questions, a buyer will be more likely to make the sale.

Know Your Business's Value

When you’re selling a business, you need to step back and distance the emotions and personal history tied to the venture. Find out the true monetary value of your business, bringing in a business planning professional if necessary. A neutral, third-party opinion can give you valuable insights into what your company is worth, its selling points, and the potential financial drawbacks that need to be addressed before a buyer will take a serious look.

When selling a business, trust Zoellner, Garten & Company. For over three decades, they have been working with Cincinnati, Dayton, and Northern Kentucky businesses to find winning solutions. Call them at (513) 852-2400, visit their website, or contact them on Facebook or Twitter to set up an appointment.