Can I Sell My Business to Avoid Bankruptcy?Updated April 25, 2017 Bankruptcy
Many small business owners know the difficulties that come with managing the cash flow of a business. Vendors skip payments, key customers depart, and you quickly can find yourself in a tough spot financially. When pressed back against the wall, one option that a business owner may have is to sell the business and apply the proceeds to any current debts.
Selling your business to avoid bankruptcy is primarily a personal decision. First, know that if you are on the brink of bankruptcy and do own a business, you will not be able to protect your business assets from personal financial obligations.
How Do I Sell My Business?
Selling a business is not as easy as selling other assets that have a more defined marketplace of buyers and sellers. Cars, homes, stocks, gold, and other perishable goods typically change hands more frequently amongst buyers and sellers than businesses do. Many business owners only take their business to market when it is in fact at a point of financial weakness, thus further complicating the challenge of selling the business successfully.
Check Your Eligibility
Said another way - if your business isn't performing well, it's going to be hard to sell. Even if your business is throwing off cash and shows stability, it's not easy.
Experts who help business owners sell refer to themselves as business brokers or M&A advisors. Think of these professionals like you would a real estate agent. They sign clients who would like to sell their business to a contract, put together a prospectus showing the background and financial performance of the company in recent years, and then market the business to potential buyers like private investors and private equity firms.
Business Sales Help by State
Eligibility for different chapters of bankruptcy depends on factors typically unrelated to the sale of a business. We publish this information as a resource for any person considering bankruptcy and the likely need to sell their business in the process. Find different state-based resources or help selling your business in your city at the resources listed below.
MergerLabs Marketing for Businesses
Sell a Business in Alaska
Business Brokers in Colorado
Sell My Business in Tampa
Business Sales Help in Miami
Atlanta Business Sales Resource
BizBuy Sell for Sale - Nebraska
Sell My Business in Reno
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
Sell My Business Portland
- Rhode Island
- South Carolina
- South Dakota
Sell My Business San Antonio Brokers
Sell My Business in Spokane
- West Virginia