As spring is in the air it reminds us of all kinds of great things, The Masters Golf Tournament, outdoor soccer, fly-fishing, and of course everyone’s favorite topic: Is it time for me to sell my business!
As a business owner, you have worked hard and made many sacrifices to build your company. Whether it’s been 5 years or 35 years, owning and running a successful business is extremely challenging. I work with entrepreneurs every day and I have the utmost respect for them as they take on massive risks and responsibilities with tenacity and focus. It is not for the faint of heart.
If, as with most of my clients, you think you would like to sell your business someday, there are steps you can take to not only maximize the value of the sale, but also to make the transaction more efficient, less expensive, and more likely to close. The two best words to any entrepreneur are “Exit Event”, but you have to make it worthwhile. You are only going to sell your business once and this is your chance to unlock the value you have built over the years. I have included below four helpful pointers to consider before you make this important decision. Please click each hyperlink to read more.
1. Figure out your goals – why are you selling? Is it strictly financial? If so, do you have a specific dollar amount in mind that will be acceptable? To read more on point one click here.
2. Seek advice and support from professionals – while utilizing professionals costs money, it will be worth it. To read more on point two click here.
3. Get your house in order. Interested buyers are going to want to look under the hood and into every corner and crevice of your business. And believe me, you will be surprised with the volume of requests. To read more on point three click here.
4. Identify your internal team. If you are going to sell your business, it is going to be a process and will take some time. And remember you have to keep running it while you try to sell it! To read more on point four click here.
I hope the above tips are helpful. While every business is unique and every situation is different, I believe these apply with respect to any potential sale. So as you are checking off your springtime "To-Do" list don’t just focus on cleaning the outdoor furniture, unveiling the new Traeger smoker and re-stringing the tennis racquets. Focus on your business and making the most of every opportunity. I am always happy to strategize with you.
