Selling a business can be a stressful experience, due to the number of legalities and loose ends which must be tied up. If you’re planning to sell your business in 2019, here are a few tips from the team at bcms.com so you can #SellSavvy:
Consider why you’re selling
When you’re knee deep in paperwork, it can be easy to lose sight of the reason you’re actually selling. People sell for a number of reasons- you may be ready to retire from work, you need the capital for a new project, you’ve got a new venture in mind, or someone simply makes an offer you can’t refuse. If you’re someone who thrives on challenge, you may find yourself getting bored, or you could even find that the business has outgrown your skillset.
Whatever your reasons, it’s a good idea to keep these top of mind throughout the process, so you can stay focused on the bigger picture if you begin to feel stressed.
Selling your business is a big deal, which is why it’s so important to get prepared. Make sure you have at least three months to get ready, so you’re ready to hit the ground running when it’s time to go. Make sure you can identify the USP’s that are most likely to appeal to potential buyers. Do the necessary market research, and talk to an expert who can help you with due diligence and legal advice. Now is also the time to start getting all of your paperwork in order, including any agreements, contracts, intellectual property, and deeds. Make sure you’re still focused on growing your business during this time so potential buyers can see your eye is still on the ball.
Find the right buyer
Taking your time to find the right buyer will save you a lot of headaches during the process. Your buyer could be purchasing a new business for a number of different reasons- they may be interested in a brand that’s already established, they could appreciate the benefits associated with a pre-existing contact list, or they may have an ongoing concern with cash flow and existing revenues.
When a buyer chooses your business, they know that you’ve already trained the employees, you have an existing customer base, and they’ll enjoy access to new geographies.
Choose what to do next
This is an often overlooked part of selling a business, but it’s good to have a plan built around what you’ll do after your business is sold. Maybe you’d like to remain at the company as a director or mentor? Perhaps you’d rather invest in a new venture? Or maybe you’re simply ready to retire. Whatever it is, be sure to keep it in mind.