Are You Going to Move on from Your Business?
Deciding to sell your small business is undoubtedly a big decision in your life.
With that in mind, is now the right time to go about looking to sell?
You will want to not only have a plan in place to sell the business; you also want to know what may come next for you.
What is the Likelihood of Sale?
In deciding to put your business up for sale, make sure you have all your affairs in order.
Keep in mind you are not going to make much of a good impression with prospective buyers if things look messy.
So, this means you will have all your paperwork ready to begin with. If things are not organized, it can make it that much more difficult to sell.
In looking at how to sell your business, not only does your paperwork need to be good, you must have finances in order.
Take a look at any debt you may owe. Is it large enough that it may scare some prospects away? You might have to see if any prospective buyers would be willing to take on any debt in buying the company.
Another focal point should be if you are dealing with any legal issues as they relate to your business.
It is key to note that any major legal issues with your business could scare away potential buyers.
The goal at the end of the day is to be sure your business is as attractive as possible to possible buyers.
Will Employees Be Part of the Mix?
If you have workers on your payroll, how will things play out with them?
You want to be as transparent as possible with your employees when looking to sell the business. Not doing so is not fair to them, especially given all the time and effort they’ve provided you with.
So, do your best to keep them in the loop from start to finish.
One thought depending on where your mind is at would be to possibly include the workers in the sale. That is if a prospective owner would be willing to offer work to your team. That also factors in if some or all your employees are interested in going to work for a new owner.
In the event you plan on starting up another business, would you offer your current team work there? You might be interested in doing this given your familiarity with them.
Finally, should you be looking to open up another business, do all you can to learn from this recent one.
You want to look at what worked well for you in running the business up for sale or now sold. Also take a look at those things that did not pan out the way you had wanted them to. This can help you in moving along to your next business venture.
When it comes right down to it, selling a business is a big step in one’s professional and personal lives.
Will you make all the right calls in moving on from ownership of your current operation?