You are a business owner, an entrepreneur. The economy of the United States depends on people like you because small businesses form the backbone of this great country. You have put your own blood, sweat, and tears into building your business. You work every day to keep your business running.
Have you thought about the end of your participation in your business? Most small business owners don’t give this idea much thought, but its inevitable nature makes it something you should prepare for.
What will you do when you decide not to be the owner of your business anymore? There are three basic choices.
1. Lock the door and walk away.
This is not the path that any new business owner dreams of the day they first open, but it is a reality that many business owners will face if they are unprepared for the end. From the start, you should have an exit strategy that ensures you won’t end up with this option.
2. Liquidate your business assets.
When a business ends up in real trouble, many take this road in an attempt to recover at least a small part of their business investment. This is another path that can be prevented with the right planning from the very beginning.
3. Sell your business.
This is by far the best option, as you can benefit from your enormous investment of time, energy, and money. This option starts with a strong exit strategy, even if that exit isn’t in the foreseeable future. Lay out the reasons why you would sell, and always have the business in order in case something happens that would force you to sell. It is far easier to keep the business in good order than to scramble at the end. Ask yourself what you would want to see if you were the buyer coming in to look at your business. Seek the advice of a business broker early on, as they know what buyers are looking for.
Are you a business owner who has never thought about an exit strategy? Are you a business owner who would like to know more about what buyers are looking for? Leave a comment and we will answer any questions you might have.