If you’re starting to wonder if it’s time to sell your business, you’re no doubt wrestling with a big decision. Do you liquidate the business or attempt to sell it? In past years, while the economic landscape was weaker than it is today, it was difficult to sell anything--even a successful business. But all of that is changing.
The New York Times reports that there is a growing trend of entrepreneurs that prefer to buy a small business rather than starting one themselves.
Why would somebody want to buy your business?
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Selling your business
“Failing to plan is planning to fail”
Every business owner, regardless of size, should have an exit strategy for his or her company. Failing to have a sound, up to date exit plan could cost an owner hundreds of thousands or millions of dollars in sale price.
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sell your business,
Selling your business,
exit,
sell,
selling,
exit planning
Companies owned by professional investors usually put in place a strategic plan to build their organization and its public profile. Their intent is to maximize returns upon the eventual exit of its investors. All major business decisions to pursue acquisitions or investment in facilities, geographic or product expansion, technology, systems, personnel, etc. are influenced by the short and long term goals of ownership and the strategic plan. The management team and their advisors are familiar with the preparatory steps necessary to position the company for an eventual transaction. They each play a part in building the company’s profile so that it is appropriately positioned when it is time for an investor exit.
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Selling your business,
pre-sale strategies,
selling
Should you sell your business? Patrick M. Foley is the Vice President of Robert W. Baird & Co. and has provided us with an excellent article to help you to start planning the sale of your business. Please see the article and link below to learn more.
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sell your business,
Selling your business,
sell,
selling,
exit planning
When you are ready to sell a business what type of assistance will you need to do so successfully? If the thought of selling a business on your own seems like a good idea, you may want to rethink that approach. In theory, taking it upon yourself to wheel-and-deal a business sale can seem like an invaluable learning opportunity. However, in reality, a DIY effort is better left to home improvement projects — not the prospect of selling a company.
Here is what you risk losing when you choose to sell business without professional help.
Time
Figuring out how to sell a business can be a time-consuming endeavor. During the daily operations of successfully running and maintaining a business, is there enough free time for you to act as your own selling agent? Probably not. Professional help can drum up buyer prospects while you keep the company up and running.
Focus
Time is not the only thing you need to keep a business afloat when considering selling it. You need focus, too. Business services and costs still need your full attention, especially during a business sale. A large part of successfully selling a business involves scrutinizing the numeric bottom lines. A professional business broker company can help with those final details while you manage the finer details of your daily costs.
Privacy
Information leaks of a potential business sale can send current and prospective clients and vendors scrambling for a protective exit zone. Hiring professionals to help sell your business helps to keep a lid on pending transactions and keep your clientele intact. Without customers and suppliers, your business could lose the fortitude it needs to appear an attractive package for potential buyers.
Need more pointers on how to get started with selling your business? Download our free guide now!
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Business For Sale,
Selling your business,
For Sale By Owner
Any business owner must consider the implications of selling a business at some future point. And it is best to be completely prepared. Even if you do not expect to sell your business, you should create a plan for that possibility. And you should also know what proceeds you could expect to generate were you to decide to sell your business right now. That plan will give you all the information that you as an entrepreneur need to evaluate all of your options.
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Topics:
Business For Sale,
Selling your business,
business planning,
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