As you take a moment to stop and assess where your business is at these days, any thoughts of selling it?
Although this would be a major step for you, you might feel as if your next business move would in fact mean moving on.
Whether you decide to sell now or not too far down the road, will it be the smart move for you?
You might be in a financial situation where selling makes the most sense. You also might be thinking it is time to do something different with your career.
No matter what you might be thinking, the decision to move on from a business is one you want to put thought and time into.
Be Prepared to Sell
When you have signed off on putting your business up for sale, focus in on these things:
1. Assess where are – Before you ever put any word out you’re looking to sell, assess your finances are at. You might find that now in fact is not the best of times to sell. On the flip side of the coin, you may be in a position where selling now due to money issues is in fact a necessity. Weigh your assets and liabilities to see if selling makes the most sense. That is now and what a sale would do to you financially.
2. Be organized and ready to go – Make sure you are organized and ready to put your company up for sale. Know that an unorganized approach can derail any hopes you have of selling. That said you want to be sure and do your legal due diligence. Being as ready as you can to sell makes you more attractive to potential buyers. Any incorrect and/or missing paperwork can put you in a bad spot with those interested in your business.
3. Are workers going to be impacted? – If you have people on your payroll, how will selling the company impact them? Don’t be that owner who doesn’t care about those individuals who’ve helped them become successful to begin with. You never want to forget about your workers and the time and effort they have invested in your company.
4. Will you let your customers know? – As important as employees are to the success of a business, one can never forget the customers. Yes, those customers help a business stay afloat and grow as time goes by. Be upfront with your customer base to let them know you have plans to sell.
5. Mapping out your next move – Last; what might the immediate future have in store for you? When deciding it is smart now to put the business up for sale, what may come next? You want to be in a position where you have clearly thought such things out. Not doing so can leave you in a predicament if not careful.
Knowing how to read the tea leaves when it comes to when to sell a business is by no means easy.
That said take the time to decide if selling now is in your best interests from your wallet to your happiness.