If you are thinking about selling your business, how prepared are you going to be for such a thing?
Selling a business is a major step in one’s life to say the least.
As such, one wants to be as prepared as possible for when that day arrives.
So, how prepared are you going to end up being?
Making a Sale a Reality
In your efforts to sell your business, here are three keys to focus in on:
- Finding a buyer – It goes without saying that finding a buyer for your business is the biggest step in play. That said having some help here would be a great thing. So, if looking to sell your startup, find the pros that can help you do it with more ease. By being connected to potential buyers, you already have a leg up on the process. The goal at the end of the day is to have the sale go through as fast and accurate as possible. This allows you to move on to what is next in your business life. As you prepare for putting your business on the market, be sure that you have all your paperwork in order. This is especially true when it comes to your finances. Issues here can hold up a potential sale.
- Your employees – What is likely to happen to your employees if your business is sold? One option would be that they would be eligible to go and work for the new employer. Another thought is they go with you if starting another biz or already have one in operation. Still another thought is they go on and work for others. The key here is doing all you can to give them as much notice as possible. Like you, your workers have bills to pay and more. As such, you want to give them as much time as possible to get their lives in order when you are looking to sell. Leaving them in a holding pattern or even blindsiding them would not be the right thing to do.
- What is likely to come next? – Given your business is not going to sell overnight, you need to think about what comes next for you. Are you contemplating buying another business? Would you be content with going to work for someone else? If yes, are you comfortable being under the employ of another person or persons? For some people, they welcome such a chance. It means all the responsibility of the big decisions is not weighing on them. For others, they like to be in control and want to be able to make all the key decisions. Last, you may be at a point in your career where you are ready to step back and call it quits. Leaving the full-time work arena does not mean you can’t do some part-time work or even volunteer on occasion.
As you prepare to go about selling a startup or one you acquired years back, know that preparation is key.