Is it time to sell your business?
If you sense, or you have come to the realization that you need to sell your business, tons of questions come up right away. How do I go about it? Can I just advertise it somewhere? Maybe go to my Facebook page and put the word out? Should I reach out to someone for help?
You have marched through a road littered with challenges, triumphs, and constant change. You have overcome plenty of obstacles, but the time to sell comes up eventually. Some thoughts to consider, some factors to ponder to help guide such a personal decision:
Alignment of personal and business goals
Maybe you feel you have accomplished your initial mission, perhaps craving a new challenge. Or you reached an age where it really makes sense to slow down and retire. Regardless, if the passion is not what it used to be, is it time for new endeavors?
A primary and quite common driver to sell is financial gain. Timing is quite important, market trends and conditions need analysis. Is it the right time to sell to maximize returns?
Business profitability
Buyers looking to buy are always attracted to businesses that show steady profit or have a strong market position. It makes sense – no one wants to buy a losing proposition. If your business performance is declining, someone might see it as an opportunity for restructuring, but do not expect top dollar. And you will need to determine if you have an asset sale situation.
Succession Planning
Selling your business is not the only selling strategy – if applicable, you might want to consider passing the torch to family members or business partners. Maybe legacy is more important than money.
Emotional Perspective
If you are considering selling your business, perhaps you already know that it is not just a matter of numbers. It is (usually) a deeply emotional decision that implies a significant life style change. Clarity of mind and heart are advisable…
Seek Professional Guidance
Selling your business is a fairly complex process that involves various legal, financial and practical issues, all under the umbrella of confidentiality. Engaging the services of a business broker is very helpful, not only for guidance, but for the buffer it provides when interacting and negotiating with prospective buyers.
Final Thoughts
The decision to sell your business is a multi-layered choice that demands careful assessment. If you make sure there is congruency in your personal aspirations, market conditions and business performance, you can better gauge if it is the right time. Seek expert advice to ensure an outcome that aligns with your personal goals.
