Things To Consider When You Want To Sell Your Business
At some point, as a budding entrepreneur, you are going to want to move on to the next thing. Whether that’s moving on to a new business idea or taking time out to enjoy the life you’ve worked hard to create for yourself. But that leaves you with the burning question of what to do with the business you’ve spent years and sweat blood over? Or do you just want to sell your business?
Just simply shutting it down might be something that’s not quite sitting right with you. Even as a freelancer, if you’ve built up a business and you have turnover and clients then just turning off the lights and walking away should really be your last option. If your business is viable or doing well and turning a regular profit, then chances are it’s worth something, both to you monetary wise and to someone who may want to buy it.
But, it’s not like selling your old junk on eBay. Selling your business is serious business and not something you should undertake lightly or without help. So, here are a few points to consider:
IS IT THE RIGHT CHOICE TO SELL YOUR BUSINESS?
You may think that selling up is the only option you have. But is it really? Are you ready to part ways with the little baby you effectively gave birth to, raised, nurtured, had sleepless nights over (remember when I said starting your business would be an emotional rollercoaster)? I mean sell your business, not your baby. This business may have been the pivotal point in changing your life. Are you ready to divorce your business? Are there other options you haven’t thought about? Like hiring someone to run it for you and just keeping an eye on things from a distance? Or asking your employees if they want to buy a share of the business to take over the running? Are you ready to hand over to a stranger and walk away? Or do you just want the cash a sale could raise because you have other plans now that you want to finance?
There’s a lot to think about before you put the for sale sign up.
GET HELP! USE AN AGENT
I know that nobody knows your business better than you and you may think you’re the best person to conduct the sale of your business. You’re not. Well unless you’re an agent or broker already. But I’m taking it that you aren’t. Selling a business is a legal process much the same as selling your house so leave it to the experts. My friends over at www.bcms.com are the experts at selling a business and can help you throughout the process. They also hold regular events if selling your business is something you are considering and want to find out more.
PUT A VALUATION ON YOUR BUSINESS
To sell your business it needs to have a value. This one is tricky and another reason for getting an expert involved. How do you …read more
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