Will You Look to Move on from Owning Your Business?
Being a business owner can be one of the more gratifying things you do in life.
With that thought in mind, what if you have owned a business for a while now and decide you need a change?
Will you make the right moves in selling your business and moving along to the next aspect of your career?
Know the Finances Involved
When you have a feeling that now is time to sell a business, you first want to dive into the finances of such a move.
For one, do you know the true worth of your company? Not knowing so can leave you getting a bad deal for your business. If this occurs, you lose out and so does your wallet.
It is also important to dig into the financial background of any prospective buyer. Knowing what they can offer financially and that there money is good is key.
Speaking of buyers, be sure that you are preparing for legal due diligence.
You have to know that any potential buyer is going to want to know the legal ins and outs of your business.
That said if you have any legal issues staring you in the face with your company, it could thwart an attempted sale.
Yes, being cognizant of finances, legal issues and more will play a big role. That is in how successful you are in selling your business.
Who Else is Involved in a Potential Sale?
As busy as you are with finances and any pending legal issues with the company, you do not want to sleep on employees.
So, if you have any workers under your employment, make sure to keep them in the loop as it relates to a possible sale.
No, you’re not going to share specific financial details with them in all likelihood.
That said it is wise to let them know how things are proceeding. Remember, they have a big stake in a potential sale too.
With that in mind, keep them abreast of how negotiations are proceeding. This will lessen chances they think you are doing anything behind their back.
If you are starting another company or already have one going, would you offer work to the team you have now?
You might also look to try and include any potential language in a sales contract. That is the employees you have now have an opportunity to work for their new owner.
Last, what do you think you will do once the company is sold, assuming that is that a sale goes through?
Is there a possibility if you do not have another business in play you’d go to work in the corporate world?
What are the odds of you retiring now? Also, is retirement even workable at this point in your life?
At the end of the day, you want to make the best decision possible. That is for now and down the road as it relates to your career and personal goals.
When it comes to looking at selling your business, are you ready to move on?