Selling your business is a big decision and requires a lot of thought and planning. How mentally and financially ready are you to sell your business?
- When are you seriously thinking about selling? Do you want to sell your business immediately? Or are you thinking about five years from now? 10 years? The more time that’s available before you sell, the higher the probability of receiving a
higher price and securing a transaction that actually works out. - Many businesses aren’t ready for sale, and need to prepare themselves by increasing value and perfecting the many elements such as sales, products/services, facilities, equipment, personnel, brand and documentation.
- Are you ready to work with a team of professionals whose only focus is to position your business favorably in the market? If your business isn’t freshened, doesn’t have curb appeal, and doesn’t stand up to internal scrutiny, it will never sell.
- Are you in a financial position to sell? If you need $500,000 on the sale of your business, but the valuation determines a lesser price, you may be unable to sell and will have to stay with your company for several or many more years.
All these topics require self-reflection and a discussion with your financial planner to come to a conclusion about your state of readiness for making a very big change in your life and financial prosperity.
The previous passage is an excerpt (pp. 337-338) from author Joseph M. Maas’ book “Exit Insight: Getting to Sold,” available online now at Merrell Publishing and Amazon. You can also visit us online or call 206-386-5455 for more information about selling your business.