No matter the length of time you’ve been a business owner, you may be at a point now where moving on is what you seek.
With that thought in mind, are you feeling good about the prospect of being able to sell your business? That is in a time frame that works for you?
Putting your business up for sale and watching it sit on the market month after month can be hard.
That said what do you need to do when you want out of your business?
Don’t Let Financial Issues Get in the Way
In moving closer to what you hope is a sale, here are three tips to help you out:
1. Financial aspirations – It is critical that you have your financial numbers in order. If not, you could see your dreams of selling thwarted. That being the case; are you confident you are in a good financial position? This would be to put your company on the selling block? Be sure you have gone through each aspect of your business finances with a fine tooth comb. For example, any notable company debt that could get in the way? Are you up to speed on your small business taxes? Not doing so can also open the door to trouble. In putting your brand on the selling block, know that one interested in buying it will do their homework. That means you need to follow through with your acquisition due diligence. Doing so will give you a better sense of what it is prospective buyers will be asking of you and your business. Of course, don’t be surprised if money is the center of focus when looking to sell.
2. Knowing the next option – Are you thinking retirement sooner than later? If not, you will need to figure out what it is you will do next when selling your business. That said you want to have a plan in place so you can move along to the next step in your life. For example, do you have notions of owning another small business? If yes, do you already own another one or will be looking to buy? Another thought is you may decide to go and work in the corporate world. If so, would you be comfortable with the idea of working for someone else? Doing this can be a change for some people, so make sure it will work for you.
3. Learning from it all – Finally, even if you never own another business, learn from this. That is what it was like to be in charge of a business, perhaps employees, oversee finances and so on. You can learn a great deal from such an experience. What you learn can help you both in your professional and personal lives. By taking what you’ve learned from this and applying it to other aspects of your life, you could see benefits.
When you want out of your business, be smart. Never act on impulse unless you are quite confident with what the possible result may be.