No matter the amount of time you have owned your business, you may be looking for a change.
With that thought running in your head, is selling your business an option these days?
In the event you do want to move along, will your decisions be those you look back on with happiness or not?
From not selling too soon or too late to getting the right price and more you want to be smart about it.
So, if selling your company is coming sooner than later, how might it turn out for you?
Do Your Research Before You Look to Sell
When selling the company is on your mind, here are a few things to hone in on:
- Know what price you want – It is important that you have a good sense of what price you want to get. You may have to tinker with that price in your head depending on conditions at the time a sale goes through. For instance, if you are in an industry not doing all that well, it can lower the sales price you can ask for. On the flip side, an industry doing well and if you have an attractive looking company can mean a better price.
- Know who you would be selling to – You never want to move ahead without research on the prospective buyer. That said do your homework when it comes to anyone showing a legitimate interest in your company. Knowing as much as you can about their background lessens the odds you get taken for a ride. You also want to see if they have any financial or for that matter legal issues that can stymie a sale.
- Know how a sale can impact employees – If you have people working under you, how might a sale impact them? Given these folks have worked hard for you; you’re not going to want to leave them hanging. So, do all you can to position them for success once you are no longer the owner. One thought is they may be able to go and work for new ownership. Another possibility is they will go elsewhere for employment. Still another thought could be they go with you should you decide to open up a new business.
- Know what is next in line for you – Finally, what might be next for you should the company sell? Do you have plans in place now or will wait and see how things unfold? As long as you are in a good financial position, there is no reason to rush through with any decision making. You may look to start up or buy another business. You might be inclined to go and work for someone else. Doing this takes some pressure off you when it comes to making big decisions in the workplace. There may also be a chance retirement is in the cards for you.
When you look to sell your startup business or one you bought in the past, how might things play out for you?