If the thought of selling and moving on from your business has crossed your mind a time or two, would now be the time to do it?
There is no doubt that selling your business is a major step in your life.
With that in mind, what should you focus on when you desire such a big change moving ahead?
Have You It All Through?
The one thing you positively do not want to do when you have selling on the mind is rush the decision through.
That said have you put all the time needed into thinking it through in your mind?
For one, what price are you aiming for when it comes to selling? The last thing you want is to sell at below what your company is worth. Odds are you would regret such a decision moving ahead.
This is why it is important to sit down and go over all your company’s assets and liabilities.
When it comes to the latter, do you have any outstanding loans, credit card debt with the business and so on to deal with? If the answer is yes, any chance you can get rid of it before selling?
Know that some prospective buyer may be willing to take on that debt as part of the selling agreement. If they are, consider this a plus for you.
Another key piece of the puzzle is to think about how a proposed sale impacts others you know.
Of most note would be when you have employees. If you do sell, how is that sale going to impact their lives moving forward?
That is why you want to include your employees in all relevant discussions. This would be short of what you can get for the company and so on. With their futures changing, you would do them a disservice by holding back all the info.
One thought is the employees if they so choose could go and work for the new owner. This would be the less likely disruptive thing for them.
Another idea is that your workers may want to go and work for someone else. If so, give them as much notice as possible so they can pursue other opportunities.
Finally, is there any chance you will start or buy another company? In the event you plan to, will you offer work to your current team?
At the end of the day selling impacts more individuals than only you.
Be Proud of what You Have Accomplished
When you have sell my business on your mind, you undoubtedly have a lot to think about.
That said it is good to take some time and think about all you’ve accomplished as a business owner.
Running a business is a major responsibility no matter how you look at it.
With that in mind, look at all the time and effort you put into the business. Even if things did not always go the way you wanted them to, be proud of what you did.
If want to own another business, your experiences from this venture can be invaluable.
So, if moving on from your business is the right choice, are you set for the next chapter in your life?
