Deciding to sell your business is undoubtedly a big step in your life.
That said what will it take for you to come up with the best possible sale?
With time, effort and money you have sunk into your company, you want to be sure and get as much money as possible for it.
If you end up getting much less for the company when selling, it could be something you regret now and down the road.
With that in mind, will you get what you want when you go to sell your business?
Use Commonsense as You Look to Sell
In deciding you want to move on from your startup or a business you bought, here are a few things to focus attention to:
- Getting the right price – You do not want to look back with regrets. Those would be regrets you did not get the price you wanted. That said have a good idea what in fact your business is worth before listing it for sale. If you do not have a good idea of this, you could get taken for a ride. Sit down and go over what your business assets and liabilities are. This gives you a better sign of what you are dealing with. Looking at everything from earnout structures to countless other pieces of the puzzle. You want to get as much money for the business as it is worth. Also make sure anyone looking to buy your company has the financial power to back it up. A simple sale that avoids major hiccups is what you are looking for.
- Your employees and their futures – If you have employees on your payroll, what may happen to them if you sell? You do not want to leave them hanging. That is especially true given the time and effort they’ve provided you over the years. That said keep them in the loop as much as possible. One possibility is they could be included in the sale of the company. You might find a potential buyer willing to make offers to some or all your workers. This can be the best of both worlds. You end up with a smoother sale and your employees willing to go and work for a new owner have jobs waiting for them.
- Deciding your next move after a sale – Finally, any thoughts to what may be your next move should a sale happen? Unless you are at a point where you can afford to retire, you will need some source of income moving ahead. Even with the money you get from a sale, it may well not be enough to support you over time. You may look to start or buy another company. Another possibility is you would go and work for someone else. Weigh your options and see what may work best for you.
If planning to put your business on the market, coming up with the best sale should be your primary focus.