Useful Tips For Business Fanatics October 25, 2016 Share on Facebook Tweet on Twitter The world of business is a tricky place to be in. The complexity involved in buying and selling of a business is mindboggling. Both are crucial stages for the buyer as well as the seller. A single mistake at this point may have drastic adverse aftereffects.I am writing this article keeping in mind all the prospective entrepreneurs who may wish to sell their business sometime in the future. This article features some useful tips by Brian D. Evans regarding selling of a business. He is an Inc. 500 serial entrepreneur, startup advisor, business coach, PR strategist, and founder of Influencive, BDE Ventures, Startup Guild and others. In addition to creating his own highly successful ventures, he has also guided and mentored budding entrepreneurs and helped them to establish themselves in the world of business. So, read on to learn a handful of practical and valuable guidelines from a reliable source that will definitely come in handy when selling your business and fetch you some extra money.How to get the highest selling price for your business?Establishing a flourishing business is no joke. It is a tedious task which takes up years and at times, even a lifetime. So, if you are a budding entrepreneur and have plans of starting your own business in the future, then these are a few things that you ought to keep in mind.High Net Profit-The higher your net profit, the more a person will be willing to pay. Your gross revenue may be a factor but may not be of as importance as your net profit.Diversified Income-It is very obvious that having 10 reliable clients is a far better option than having one big client. Hence, take note of this to build up a stable business.Future Potential-A prospective buyer will be ready to pay you a lot more if they can see a clear positive future projection of the business. Growth prospects form a vital part of any business as one cannot survive in the competitive business world by remaining stagnant.Dependence-It is wise to create a business that is not dependent on a single person. It is important to build a strong foundation and let a well-trained team run the business.Minimum Role of Third Party-Don’t build a business that has an external switch that is out of your control. Delegation of work and authority is a must but the ultimate reins of control should always be in your hands.How and where do you sell your business?Firstly, you need to decide whether you wish to sell just the website of your company or the entire legal entity. Once you have decided on that, there are ample ways to facilitate the sale. Here are a few of them.Flippa-This is a good option for medium sized websites.Quiet Light Broker-If you wish to conduct the entire proceedings in a discreet manner, then this shall be the right option for you.BizON-This is an online marketplace where people can buy, sell and expand their businesses and franchise.How much should you ask for your business?When it comes to making a deal, maximizing our profit is all that goes on in our minds. And that is how it should be because the foremost economic objective of doing business is to earn as much profit as possible. Things to be kept in mind while deciding the price are stability, future prospects, diversification and difficulty involved in operating the business. But, you should always be ready for negotiation because no matter what price you quote, the buyer will definitely try his/her level best to acquire your business at a lower price.What to do with the sale proceeds?It is always astute to have a strategy to deal with the sale proceeds as idle cash is not a lucrative option. It is a bad option as it tends to lose its value with time due to inflation. Hence, have a sound investment plan to make the most of the money that you fetched by selling your business.Some suggestions on what to do with the proceedsStart a new business as the point where one thing ends is the same point from where another begins. So, you may invest the money in setting up a new venture.Buy real estateBuy shares of other companies that are doing well in the market and earn handsome returns.Know what you are signingIt is essential for you to read all related documents carefully before signing. The buyer is likely to draft documents that are in his/her favour and hence, you need to ensure that the deal mutually benefits both the parties. For this purpose, you may have to take assistance from a lawyer.Offer support for the new ownerThere is no harm in keeping cordial relations with the business parties you deal with. Offering support to the new owner may serve you well in the long run.