Questions to Ask Yourself While Selling Your Business in Hong Kong
Hong Kong is the businessperson’s haven, where a lot of entrepreneurs from around the world dream of setting their own company. Thus, selling your business may be a little easier in the region than others, but there are still some things you should be sure of.
Here are some questions that you need to ask for yourself before listing your business for sale Hong Kong.
Is it the right time to sell my company?
How is your business scaling in the recent days? If it is growing? Can you still run it for some time to maximize the income you can make from it?
Anyway, if the growth rate is upward now, and you list your business for sales only after the rate depletes, you may scare off your customers.
Thus, while selling a company, the first thing you need to ask yourself if it is the time when your profit is high, and at the same time, if buyers will be impressed with the current numbers.
Should I Work with a Business Broker?
Business brokers make your process easier than you can imagine. They will take the pressure of marketing, finding sellers, negotiating and appraisals, discussions, answering queries, etc from you. Thus, you can focus on running your core business activities to ensure that your sales numbers don’t go down during such a crucial time instead.
Anyway, business brokers take commissions for their services.
How Much Will It Cost Me?
The cost of selling a business may vary, depending on whether if you hire a business broker or not. Furthermore, you will mostly need to pay for the marketing, i.e. spreading the news of selling your company to as many people as possible. Anyway, remember that buyers will want to keep the company sale confidential. Thus, you should use websites which are mostly only accessed by people in the business.
What will the Buyer Want to Know?
In other words, you should be prepared to answer a lot of questions. In most cases, these are the things that buyers will want to know:
- The reason for selling the business.
- The price and the factors that you considered to state it.
- Your recent financial statistics, along with your revenue, income, and tax papers.
- The company’s legal documents.
- Information about the equipment, infrastructure, employees and salaries, and other monthly expenses.