If the notion of selling your company seems appealing to you, are you close to making such a thing happen?
Yes, it is a major step to up and sell a company.
That said it can be the best decision for a variety of reasons. This would be if you have gotten to this point in your professional life and change is coming.
So, are you ready for this big step and a change in what you do?
Be Prepared for All that Comes with a Sale
In deciding now is the time to sell my company, here are some pointers to help you out:
- Thinking things through – You want to be sure that in fact, this is the time now to sell. Given you’ve worked hard to have a successful small business, are you ready to part with it? You and your business may be going through some challenges that can in fact be overcome. As an example, your industry may be sluggish, and waiting on things to improve may be the way to go. Then again, you may be at a point where you are ready to go in a different direction. Always think it all through and do not make a hasty decision.
- Being in a good spot – If your small business has been losing money and you got into debt, do you think you will get offers? Most potential buyers will look at a company notably in debt as something to likely steer clear of. That said you may be able to work something out. That is the prospective buyer takes on some or all the debt in return for getting full control of the business. Before that may occur, your goal is to pay down as much of that debt as possible. Last, make sure all your paperwork is in order as you put your company out there for buyers to consider.
- Are there employees involved? – In the event, you have people under you now, what will happen to them if you sell? You do not want to leave them hanging, especially as it relates to their careers and finances. With that in mind, be as upfront as you can with them on a potential sale. It is only fair that you be transparent with them. Not doing so is not fair to them.
- Moving along to a venture – Should you be moving on to another business venture, be prepared for change. The hope is you take what did and did not work in your current business and think those things through before a new one. One reason to begin a new business venture would be you’ve tired of what you have been working on. Another could be a change elsewhere in your life. These can be things such as a move, financial need to make more money, and so on. No matter the reasoning behind going on to something else, be ready for it.
- Take a little break – If at all possible, take a little break between career changes. This gives you a little time to catch your breath. The break can help you recharge your battery and leave you feeling fresh as you move on to your next challenge.
In selling your company, think it through and then have all your priorities in order as you begin anew.
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