What Could Lead You to Sell Your Company?
If the thought of selling your company has come to your mind, what will it take for you to move ahead with such a thing?
Selling all you have worked for can seem like a daunting task at first. That is until you take a step back and think about why you would do it and the positives that come could from it.
So, is selling your company an option or simply an afterthought?
Do Your Research Before Moving Ahead on a Sale
When contemplating the idea of selling your company, here are a few items to keep in mind:
1. Are you ready to sell? – Knowing the right time to sell can be a tricky proposition for some business owners. If you sell too early you may miss out on future revenue. That is true if the industry you are in takes off down the road and you no longer have ownership of a business. Sell too late and you can miss out on revenue that was there but is not as plentiful now. Do your best to get a sense of when selling would be right.
2. Are employees a part of the equation? – You also want to think about any employees that could be involved in a potential sale. What will happen to them should you decide to move on from your business? One thought is you will offer them jobs with the new owner as part of the contract language? Another idea may be you take them with you if you open a new business and they elect to move along with you. No matter what you do, be as transparent with them as possible. It is only fair they have a say in what their business futures will look like.
3. Are you in need of help selling? – Will you need help when it comes to mind of how to sell my company? Know that there are professionals out there willing and able to help you with a sale. Lean on their experience and connections to get the word around that you are looking to sell. They can put you in touch with people looking to buy companies like the one you have to offer. Take a lot of the pressure off your shoulders when you have people working and pulling for you. That is to get a sale done and in a decent amount of time.
4. Are you poised for your next move? – Finally, what is likely going to happen to you if a sale goes through? While you could have a nice amount of money sitting in your bank account, is there something else to do next? Would you like to own another company or do you already have one to move along to? Could you see yourself going to work for someone else? Is the thought of retirement even a possibility now? Try and have a good sense of what is next so you are prepared.
When you have designs on selling, be positive and do what seems like commonsense from start to finish.
Before you know it, those papers could be signed, sealed and delivered.