3 Reasons Behind Looking to Sell Your Company
If you have been toying with the idea of selling your company, how close would you say you are to making it happen.
There can be myriad of reasons for you to look to sell.
That said you want to be sure and put your company in the best position to sell.
So, what will it take for your company to be moved?
You May Be Ready for Something Different
In thinking you want to move on from your company, here are three reasons you might have that train of thought:
1. Time for a new challenge – You may be at a point now where it is time for a new challenge. This can be due to the fact you’ve gotten what you feel is as much as possible out of your company. You might not have the same enthusiasm you had before when it comes to going to work. Having a new business challenge could light a fire under you. No matter the reasons you’re not feeling motivated with your company, you have reached a point. A point that is where something must change.
2. Can do better financially – Another reason you may think change relates to finances. Are you sensing you can’t go any further financially with the company you have now? If so, change would make a lot of sense. If you are going to list your company for sale, be sure to know the true value of all you’ve worked for. You can do this by knowing how to value a startup. You can bet that any prospective buyer will want to know all your company’s financial details. That means assets, liabilities and more. By having a true sense of what your company is valued at, you can get a better price for it.
3. Industry is changing – Also take into account the industry you’re in. There may be red flags of late that the industry as a whole is sluggish. While some temporary bumps in the road are not the end of the world, you do not want it to become the norm. It may be a case of where your industry is going to have prolonged struggles. As a result, you want to get out now before things potentially get worse.
Doing the Right Thing When Looking to Sell
When you have selling your company in the back of your mind, look at the big picture.
For one, do you have any employees? If so, how would a potential sale impact their lives?
Given they have worked hard for you; you do not want to put them in a bad position.
So, do your best to be as transparent as possible with them. This will allow them to know what is going on and decide what they must do for their careers.
If you’re opening up another company would you extend offers to some or all your current employees to go with you? Is there any chance you’d look to include language in a contract that the new owner offer work to your team?
By keeping your employees in mind as you look to sell, there is less chance of any bad feelings developing.
When you look to sell your company, will you get what you want?
