Have you been thinking about selling your business? There are many reasons for wanting to sell your business . . . you may be tired of working long hours, it may be time to retire, or maybe you want to explore new opportunities. Whatever the reason, selling your business is not a decision to take lightly. Make sure selling your business is the right decision for you and your business at this time. Ask yourself the following 5 questions that are designed to help you determine whether you are ready to sell your business or not.
- What is provoking you to sell your business?
Before deciding to sell your business, take a moment and reflect on why you want to sell your business. Whether positive or negative, listing the reasons why and reflecting on those reasons is critical to your decision to sell. Sometimes sellers realize they rushed into the decision and later regret the decision to sell. Make sure you are committed to your decision, and that your decision to sell is one that will make you happy.
- How will selling your business affect your future?
What plans do you have following the sale of your business? Don’t let the sale of your business consume you; it’s important to have a game plan to follow through with once the sale is complete. Do you plan on traveling? Or perhaps you want to explore new business opportunities? Whatever the plans are, decide on post-sale plans. If you struggle with making post-sale plans, it might be a sign that you aren’t quite ready to sell your business.
- Is your business ready to be sold?
From financial records to updated equipment, making certain that your business is ready to impress is a critical component to a successful sale. Once you make the decision to sell your business, it will be competing against other businesses for sale in the area. Make sure your business is capable of impressing potential buyers. If your business is not able to impress potential buyers, perhaps it isn’t a good time to sell. It may take longer to sell or even struggle to attract buyers. Spend time reviewing your finances, assets, contracts and records and make sure your business is in shape to be sold.
- How will the sale affect employees and family?
Selling your business is a huge decision that could affect hundreds of people. Have you considered what selling your business may do to family members, customers or even employees? Make sure you have a plan to help those you will be affecting acclimate to the sale of your business and what additional steps you may need to take to ensure a smooth transition for everyone involved.
- Have you considered working with a business broker?
The last important consideration is whether you have considered hiring a business broker. By hiring a business broker, you will be guaranteed a confidential transaction and their expert guidance every step of the way. They are trained to conduct a business valuation of your business, helping you set the right listing price, find the right buyer, and make the most of your sale.
Here at Transworld Business Advisors; Southweest, our experienced team of brokers is ready to assist you with every step involved with selling your business. We have successfully sold thousands of businesses in various industries and are ready to help you sell your business. If you have decided to sell your business after reading the questions listed above, call us today to get started.