Selling a business is a difficult but exciting decision to make. If you’ve had a successful run for a good number of years and you truly believe it’s time to move on, you could consider selling your business. However, there are plenty of things you’ll have to do before, during, and after your company sale.
Here are a few questions you should be able to answer before you sell your business.
How much is my company worth?
Knowing how much a company is actually worth should be at the top of any business owner’s priority list at all times. As long as you’re realistically taking a look at what your organization will be worth based on current market trends and other factors, you should be able to get a good amount of money back for your company.
What process should I follow to sell my business?
Unfortunately, selling your business won’t be as easy as a single handshake. You’re going to have to go over a lot of financial and legal documents.
However, as long as you’re working with qualified advisors, you’ll be in good hands and will be able to get a fair price for your company.
When is the best season to sell my business?
At any time, there are roughly 15 prospective buyers on the market for every business listed for sale. But depending on the industry and market your business is in, there are certain periods that are much more profitable than others. Most industries go up and down in waves of demand, innovation, and profitability. Be sure to do your research and find out when exactly is the best time to sell your company.
Who is the ideal buyer to sell my business to?
Discovering your ideal buyers is just as important as determining how much you’re going to sell your company for. Is your business a fit for up-and-coming entrepreneurs, experienced business owners, or an investment holding? If you can’t answer these questions, a qualified sell-side advisor can help.
What will I do next?
Although you’ll be thinking about your business for the majority of these decisions, you should also brainstorm about what the next step will be for you and your family. You’ll be able to decide whether to find another way to work or just retire and enjoy your relaxing new life.
As long as you’re careful with each decision and take the necessary time to go over every aspect of your company, you should be fine.
If you’re considering selling a business in Florida, contact the Aberdeen Advisors team. We’re ready to help you answer all these questions and more.