Selling your business is a big decision and can only happen once.
It can be difficult to come around to the idea, but when you decide it’s time, and you want to convert years of hard work into cold hard cash, there can be a myriad of complications between you and your payday. There’s a lot you can do to prepare for the sale, and it’s a great idea to start considering what you’ll need to have ready before the day arrives.
Each business is unique to each seller, whose beliefs and experience helped create the company’s success; so is each buyer and their perspective. With that in mind, there are quite a few questions that sellers should ask themselves about the process that is used for the sale of most small businesses. The more you prepare, the more successful the outcome is likely to be. Here are some steps of the process for small businesses and companies. These outlines can scale up accordingly and are a great way to be on top of your readiness to sell.
Can I sell my Business?
There are a lot of different reasons buyers can be attracted to your business. For example, does it have a solid history of profitability, a large and loyal base of customers, a competitive advantage (intellectual property rights, long-term contracts with clients, exclusive distributorships), opportunities for growth, a desirable location and a skilled workforce?
Am I ready to sell?
You’ll need to be. It can be a roller coaster emotionally and financially to even come to the decision. Think about what life will be like after the sale. What will you do — not just for money but also with your time? We know from personal experience as former business owners ourselves how to navigate this time and are here to make it as smooth as possible for you.
Some signs that it may be time to sell:
- The passion is gone. You started because of a love for the game and now you may even resent having to show up every day. Very common and definitely a good reason to sell.
- Maybe it’s time to explore something else. Use the capital from the sale toward nurturing a new passion or business interest.
- Time to scale up. An excellent reason to sell. You’ve built it up to the point where a new skill set is required to take it further. Maybe even a larger competitor wants to add your business to their portfolio.
Our team of brokers are skilled and experienced in all facets of share and asset sales. Call us today and let us show you how we can help you make the most of what could be the best decision you ever make.