If you have reached the point as a business owner where you are ready to sell, do you have everything in order?
One mistake you do not want to make as a business owner is to go and try to sell before you are prepared. What that can do is make for a real messy experience. In fact, it can be something you look back on with a lot of regret down the road.
So, before the time comes for you to sell, will you have everything crossed off on your checklist?
Preparation is the Key When You Want to Move on
In deciding if now is the time to try and sell your business, keep these keys in mind:
1. Timing is everything – The big factor in play before selling is making sure one has their timing down. That said you want to be sure now is the right time for you to go ahead and unload your business. Selling it too late or early can be problematic for you in many ways. From not getting enough value for your sale to no takers, you want to be sure you have good buyers and offers. Knowing what is going on in your specific industry is of course critical. Now may be a great time for you to sell due to all the sales and mergers in your industry. Then again, things could be quite slow right now; meaning holding off on selling may be your best move. Do some online research to see what the pulse of your industry is. You can go online and look for a recent list of mergers and acquisitions about brands in your line of work. Having that info can be great for steering you one way or the other in selling.
2. Employees matter too – Unless you are the only employee; what happens to your employees in a sale? You want to be upfront with them given a sale impacts their livelihood. That said will you look for a buyer willing to take some or all your employees should they choose to go to a new owner? If a new owner won’t take them on, will that make you hesitate in selling? Although you have to do what is in your best interests, selling under those circumstances may not be best.
3. Deciding what will be next for you – Finally, the sale of your business can mean several things for you. For one, it may mean you are retiring from the business world. If so, chances are you have more than earned it. Selling might also mean you are moving on to other business opportunities. If so, this can prove exciting. You may be at a point in life where you need a new challenge. If this is the situation, having something new to tackle in the business world could be what you are looking for.
By being pragmatic and doing your homework, chances are greater a sale will come off without a hitch.