Are You Ready to Say Goodbye to Your Business?
Have you had a feeling that it may be time to say goodbye to your small business and do something differently?
If you said yes, are you feeling like you can sell your business at a good price? Can you also find your next venture to be as if not more successful?
Sure, selling a small business is a big task to undertake.
That said it can work out right for you if you play your cards correctly.
What Steps Are of Most Importance?
In deciding it may be time to move along from your small business, here are a few pointers to keep in mind:
- Know what your company’s true value is – Do you have a good sense of what your small business would be valued at? The hope is you do so you do not get taken to the cleaners by someone making an offer much less than you should get. Take as much time as needed to analyze your company’s finances to see what a good asking price would be. You can go online and learn how to value your startup for one thing. Doing this puts you in a better position to land a sale than if you had no clue what the value was and so on. From income coming in to expenses going out and more, get as much detail as you can. Not only can it make a potential sale easier, you look more professional to the buying world at the end of the day.
- Think about the future of employees you have – As key as getting the right price is do not forget about workers. So, what might happen to them if a sale goes through? Would you put language in a sale that says the new owner has to at least offer jobs to your employees? Will the workers have an opportunity to go with you? That is should you decide to begin another small business venture? Those are but two of the questions to ponder as you move ahead with a possible sale. If you have worked for others in the past, you know it can be a little stressful when you hear the company may be up for sale. Do your best to be transparent with your employees to keep the tension to a limit.
- Finding the right buyer – Finally, you hope to get a good price for your small business? Also, you will have moved on from it. That said odds are you still want good things for it down the road. So, finding the right buyer should be of importance to you. Like prospective buyers are doing research on you, do your research on them too. Given all the time you’ve put into your company, do your best to find one to carry on the trajectory you had put in place.
If hoping to sell your small biz, do what it takes to make the transaction and transition as smooth as possible.