Now that your company is fully established and you’ve enjoyed years of professional and financial success as a business owner, there might be some uncertainties about the immediate future. You have to ask yourself what, you should do, particularly in the face of the decision to sell your business.
There are plenty of options, but you need to spend time seriously considering your future and decide whether or not you want to remain at the helm of your company for much longer. You can stay in charge of your business, you can pass it down to a relative, or you can sell your company and start the next chapter of your life.
According to BizBuySell.com’s Inside Report, approximately 7,842 small businesses were sold in 2016. If you’re leaning toward selling your own established business, this article will help you generate multiple offers and sell your company for what it’s really worth (or better yet, more).
Conduct a business valuation
Whether you choose to conduct an internal valuation or seek professional valuation services, this is an essential first step when selling a business. Many of your company’s assets may be particularly hard to quantify, such as intellectual property, talent, and brand recognition.
You need to go through this process with as much information as possible, and with the proper assistance. Without an accurate valuation of your company’s true worth, receiving offers simply won’t be possible.
Consult with professional business advisors
While it is technically possible to sell a business without outside help, it’s a risky idea if you want to get the best possible sale price for your life’s work. You should have access to professional support throughout the entire process of selling your business.
Even if you’re well versed in business acquisitions and sales, it can still be difficult to sell your business by yourself. An emotional attachment to the business can sometimes cloud your judgment, which is why a third party can be extremely useful during the negotiation process.
However, the best business advisors will also bring much more than just advice to the table. The most experienced and respected business advisors will have access to extensive, exclusive lists of potential buyers. Without this inside access, it may be more difficult than necessary to find the right buyer for your company.
Pay attention to the industry
If it looks like your specific industry is hitting a peak, you might want to expedite the selling process. Rather than waiting for the market to recede, try to generate as many quality offers as you can with the goal of finding the best offer as quickly as possible.
On the flipside, if your industry is experiencing a rough patch, you may want to wait a few years before putting your business on the market. Experienced business advisors can help you make these difficult decisions, which can then have a huge impact on your final sale price.
Getting the right help and paying attention to what’s going on within the business sector is essential if you’re selling your company. If you’ve decided that it’s finally time to sell and want to contact highly qualified business advisors in Florida, contact Aberdeen Advisors and get started on the next phase of your life.