No matter the amount of time you have owned your small business, deciding to sell it is a big step.
With that thought in mind, would you make all the right moves when it comes to selling your business?
From getting the right price to what you do next with your business life and so on, a lot is going to come into play.
So, if you look to move on from your business, how best to go about it?
Getting the Right Price
In giving the go-ahead to sell your business, here are three tips to keep in mind:
1. Locking in the right price –
Imagine the regret you may end up having if you sell and get much less than you wanted. That is why it is important when you say yes to sell my business that you stand firm on a price you want. While there may well be negotiations, do not drop so much off the initial asking price that you sell too low. The timing of a sale is key. If your brand is struggling and/or you are in an industry struggling, it could lessen the value of your company. You want to try and sell at the best time.
That can mean more money for you. If your business has a lot of debt attached to it, can you get a potential buyer to take on such debt? Finally, look at what comparative businesses are listing for. This gives you a better sense of what to ask for your business.
2. Getting the word out –
Selling is not as simple as listing it in a local publication and hoping for the best. Unlike when look to sell an item or two and post it in the newspaper or even have a yard sale; a company is a much bigger step. That said there are professionals out there available to help you. Work with pros able to advise you, get your sale listed online and much more.
You can lean on their years of experience when it comes to helping people like you sell and buy businesses. Last, it never hurts to network with those acquaintances you made as an owner. They may well know one or more folks interested in buying. At the end of the day, one of them might even have designs on buying what you own.
3. Deciding what is next –
Even before a sale might go through, you want to have a good sense of what might be in the cards for you. Are you going to buy another company? Is the thought of going to work for someone else a possibility? Doing so leaves decisions up to someone else.
After being in charge all this time, not having such responsibility may appeal to you. Last, retirement might be calling your name. If that is true, be as sure as you can that you are in a good financial position to walk away from full-time work.
When you look to sell a business, will it all fall into place as you want it to?