The thought of selling your business may excite you or give you pause for concern.
That said if you’ve come to the realization that selling is in your best interests, are you confident it will work?
From the final price tag you are paid for selling to what you will do next and more make sure you come out ahead.
Knowing the Value of Your Company
Before you decide to put your company up for sale, it is smart to know how to calculate the value of a startup.
With that thought in mind, knowing the true value of your company will prove critical.Remember, the last thing you want is that you get paid less than your business is worth.
There are resources available to help you know your business worth. Work with the right professionals to dig into your company financials. Separate the assets and liabilities of your business and go from there.
In the event you have any sizable liabilities, will you look to pay them down or even off altogether? Doing so can make your business more attractive to potential buyers. That said you may find a buyer willing to take on those liabilities to get their hands on your business.
Finally, you want to make sure your business is not tied up in any notable legal matters.Such matters can make your company less attractive to potential buyers.
By doing a thorough assessment of your business, you stand a better chance of getting a better return.
Are Any Employees in the Mix?
Unless you are the lone employee, you will need to consider the potential fallout to your workers.
That said you may be looking at starting another business. If so, would you give any thought to taking some or all your current workers with you? That is of course if they have the desire to move along with you.
Another possibility would be seeing if a buyer would offer your team jobs with the new ownership. If the new owner or owners would be for that you may have an easy solution for those willing to make the transition.
Keep in mind that you want to be as transparent with your workers as possible. Giving them as much notice as possible to what your plans are is the right thing to do.
Finally, learn from selling your business should you decide to move along. That is to owning another company now or down the road.
You want to have insight into what went in owning and selling your business and what you might change if you could.
By learning about your business and its success and failures, it can make you a better owner moving ahead.
In owning and selling a business over time, consider this to be one of the positives in your life.
Know that there are many people who would love to be in your shoes and have the opportunities you have.
