Selling a Business
Evaluating the Sale of a Business - There are many different reasons for selling a business, retirement, family crisis, a new business opportunity, or a change in business conditions. Today many business owners are looking toward retirement. According to Biz Buy Sell, over the next decade, six out of ten U.S. business owners plan to sell their companies. Many of these are baby-boomers, and selling their businesses to fund their retirement. Whether you are ready to sell your business or not, its almost always a good excercise to consider a strategy for selling and retiring.
Motivation for Selling and Preferred Outcome - Whatever the reason for selling, it will affect the sales process, because it will reflect your motivation or urgency to sell. To develop a plan for a successful business exit, the first step is to identify the factors that have led you to sell your company. When you meet with an experienced business broker, it's typically the first question asked. Your answer must be honest, sincere, and thoughtful.
The reason(s) for selling your business will determine how the the following three factors are prioritized.
- Receiving the best possible price for their businesses
- Sell their business in the shortest possible time frame
- Assure that the business transitions successfully and continues to thrive
- Involvement of the seller following the sale of the business
|