Do You Have What It Takes To Sell Your Business For Top Dollar?
The decision to sell your business is not always easy for business owners and is one that requires careful consideration. BizBenNetwork Senior Facilitator Manager Jordan Green breaks down the difficult decisions that business owners face to go out on top and avoid missing out on their final payday.
As a business owner, making the decision to part ways with your business is not always easy. For some business owners, particularly those whose life circumstances have changed drastically, there is no other choice but to sell and they don’t have the luxury of choosing when they put their business on the market. For others, focusing on business owners who don’t need to sell but are considering moving on to the next chapter of their lives, selling takes finesse and decisions must be made carefully.
Business owners: when it comes to selling your business, timing is everything! Exit planning should start the moment you start or purchase a business, so there should be little question or doubt as to what comes next in life, post-sale, and how you will go about selling your business.. With that being said, many business owners will begin questioning themselves, saying things like:
"Things are going so well. Do I really need to sell now, or should I continue to reap the benefits of running a profitable business?"
When things are going well, your business has very few issues, profits are consistent, and life is going seemingly well, it is going to be challenging to part ways with the emotional attachment that you have with your business. After all, you put in the time and effort and built the business into what it is today, so why give it up when you can continue making money from it?
Fast forward a few months to when the economy slows down, business stalls, and you’ve failed to put your business on the market when it was worth top dollar and had a great chance of finding a buyer in a timely manner.
There is no telling what the market is going to look like in the future, so you must truly decide if you’re ready to sell your business in order to avoid missing the chance to sell for top dollar. Are you ready to re-commit long-term if it doesn’t sell? Would you kick yourself if you had to settle for less in the future? Do you really want to be saying that you would’ve, should’ve, and would have sold when you had the chance?
The decision to move on from your business is rarely easy and can only get more challenging when things are going well. Be prepared to answer the tough questions and decide if the risk of waiting to sell outweighs the reward of selling when the business is successful.