If you’ve been toying with selling your company as of late, how good an idea would that be?
When you think a sale might be in your best interests, you want to run all the possible scenarios through your head.
For starters, will you get the price for your company you want? Depending on the type of market you sell in, you may get more or in fact less for the business than you want. Much of this will be dependent upon how your industry is doing.
You also want to look at how your company is viewed by prospective buyers.
As an example, could there be any red flags that a potential buyer may be scared off by?
At the end of the day, there are no guarantees. That is when it comes to selling a startup or a business around for what seems like forever.
What Must You Focus on?
When it comes to looking to put your company up for sale, there will be certain things to hone in on. These include money, employees, timing and more
That said you want to look at the following with a focus on selling your business:
- Price you want and what you get – It goes without saying that you want to get the most dollars for your company. Not doing so can leave you with a feeling of regret now and even down the road. Make sure to look at what comparable businesses are going for these days. This will give you a better sense of what you can ask for your company.
- Are workers going to be in the mix? – In the event you are the only employee at your company, it does of course make things easier. On the flip side of the coin, do you have employees under you? If the answer is yes, what happens to them should be of importance to you. Given they have worked for you and provided you with many hours and effort, do not leave them out to dry with a sale. Be as upfront as possible with them as you can. The longer amount of notice you give them of a sale, the more time they have to make their own arrangements.
- What is next up for you? – Should a sale go through and you have the price you want, what might be in store for you next? Depending on where you are at in life, there can be several scenarios to think of and what may be more apt to happen. For one, you might have another business already in play or lined up to go. If so, it stands to reason your focus is going to that. You might also be at a point and time where you want to go and work for someone else. Doing this takes the pressure off you of having to make all the big decisions. Last, you could be at a stage in life where retirement is next. No matter what you decide, be sure to think it all through.
In selling your company, how confident are you this is by far the best thing to do now in life?
