Thinking Of Selling Your Business? Read More Below About What To Think About Before You Sell

Many small business owners hit a point where they ask themselves if it’s time to move on from the business. That’s because it takes a lot to be a small business owner in the first place. After years of pouring yourself into a company, you might experience burn out. 

If your business is successful, the decision to sell it may not be easy. Business owners usually have a strong emotional connection to their business and letting go of that is a big transition. 

However, at Alliant we know the best time to sell your business is when it’s thriving! 

Is the business ready to sell?

It’s easy to imagine a perfect closing; one where you receive the full value of your business and sell to an owner that you think will be a great fit. Our team wants to help you realize that dream, but there are some important steps to take to get there. 

Before you put your business on the market, you need to ask yourself the following questions:

1) Are your financials in order? You need to have everything in order before you even think about selling your company. No one wants to take over ownership and have to sort out your paperwork.

2) Do you have a strong, solid sense of what your business is worth? Some companies are not as valuable as people think they are. Other sellers wind up missing out on the full value they deserve. Our free business valuation process will help determine how much your business is worth and what price is right for today’s market. There has never been a better time to sell, and we’ve seen increased interest from buyers over the past couple of years. 

3) Do you have a solid exit plan? Your business operations have to be in place to avoid a chaotic transaction. You want to have as smooth a transaction as possible. That is why your exit plan has to be solid and ready to go. 

Here are even more tips for preparing the business to receive the best possible price

Are you personally ready to move on?

You have to be ready to sell. Some business owners think they are ready, but realize later their heart is just not in it. It is better to make those resolutions within yourself before you start to consider selling. Selling has to be an “emotionless” experience. Selling means you are ready to let go and move onto the next phase of your life.

The next phase could be the beginning of your retirement. Are you excited to find new ways to fill your time that do not include the business? Would you rather find a new business opportunity and take your experience to another business venture? 

You also have to be willing to accept that a new owner will make some changes. It is no longer “your business” once you pass the keys to the new owner. If this feels like a hurdle for you, you may not be quite ready to sell. 

Do You Have A Plan?

Some business owners have been contacted by a competitor or employee about selling the business. While this is a great sign of interest, selling is still a complicated process that takes time. Too often, business owners who are used to DIYing everything attempt to handle selling a business themselves without a plan. 

To be fair, most business owners don’t have a plan because selling a business is a new process for them. At Alliant, we start with a conversation about your business and your goals. This helps guide the entire process so that clients have confidence that we are working for their best interest. We answer questions and provide information along the way. From marketing to closing, we handle all the details so you don’t have to and we only receive a fee when we sell your business.

If you’d like to discuss whether or not you’re ready to sell your business, contact us today for a free consultation.