Do you have any inclination that selling your business will happen anytime soon?
If you are in fact eyeing selling your company, how likely will a deal happen?
With all that goes into selling a company, it is safe to say you will have a lot of work on your hands.
That said selling could be exactly what is needed in your life now.
Is Your Company Prepared to Sell?
When you have designs on selling your business, you want to be as prepared as possible. Not doing so can set you up for failure and frustration if not careful.
One of if not the biggest priorities will be to get the price you desire for the company.
Depending on the kind of business you have and the industry it is in now may or may not be a good time to sell.
If your business and its industry have been seeing struggles for a while, selling now may not work.
That said you want to be prepared from A to Z when it comes to looking to sell.
Make sure all your company paperwork is in order for starters. Not doing so can scare off any number of potential buyers.
Of vital importance will be your asking price and what you can expect to get for the business.
You may decide to ask for more than the company is in fact worth and what similar companies for sale are going for. Doing this could in fact get you the final price you want.
In getting your sales price, know how and when the money will be coming your way should a sale be approved.
You want to know all from the earnout structure to if you have company debt and will a buyer potentially take it on. If they do the latter, you can expect to get less money for the company.
That said you might be looking to unload the company and will accept less for it in return. No matter the circumstances, never show you may be desperate to unload the company. Doing so could lead to difficulties selling it to begin with or at a much reduced price.
What May the Future Hold for You?
In looking to and completing a sale of your company, what does the immediate business future hold for you?
There could be myriad of possibilities waiting for you.
Among them can be:
- Starting a business – If moving on to running another business, the hope is you picked up some pointers. That is from the most recent company you ran. If you did, this can prove beneficial to you in moving ahead.
- Working for someone else- Do you have any desire to work for someone else? In the event you said yes, it can take pressure off your shoulders. That is from having to make the big decisions a business owner is regularly confronted with.
- Could retirement be in the cards? – Finally, might retirement be in the cards for you? If it is, the hope is you are in a good financial place to do so.
When you look to sell your business, how realistic is a deal going to be in place sooner than later?