If you are thinking about selling your business, and this is the first time you will be entering the business marketplace, then you probably already know there will be a lot to learn before you get to a closing table. This is part two of a series that will let you in on the practical knowledge you would typically have to get by going through the process and making every mistake possible – only you have the benefit of our experience to help you navigate this complex road. Here are the things only experience can teach you about selling your business:
You Need Time
Many business owners never think about the fact that someday their business will either close or be owned by someone else. As a business owner, this eventuality can be difficult to think about, but it is absolutely necessary that you consider your options.
If you don’t want to end your journey as an entrepreneur by closing the doors, then selling your business needs to be something you think about as early as the day you open.
What can happen if you don’t plan ahead? Unfortunately many business owners end up having to sell because of unforeseen reasons, and they usually need to sell suddenly. The bad news is the average time it takes to sell a business is somewhere between 9 and 12 months, so if you are in a big hurry to sell you might be out of luck.
We have seen business owners who were forced to sell because a death in the family forced them to immediately relocate to another state, because the business became a contested asset in a divorce, because of a major health issue within the owner’s family – there are many reasons why an owner might need to suddenly sell their business.
While it would be impossible to plan for every possible eventuality, a business owner can plan ahead to ensure they get the best return on their investment.
How? Talk to a business broker today about your long-term plans for your business. They will be able to give you advice on how to best ready your business for sale, how to make small changes that will boost your numbers so you can get a better price and how to make your business visually appealing to prospective buyers.
If you think that selling your business is something that you would like to do sooner rather than later, then talk to an experienced and qualified business broker about how to ready your business for sale and how to plan for the best time to list your business on the market.
Are you a seller who has never really thought about your end as the owner of your business? Are you curious about what time frame you would be looking at if you needed to sell? Ask us! Please feel free to leave us a comment or question here, and we will be happy to help.
Want to read part 1 – You Need Help? Click here.
Want to read part 3 – You Need Organization? Click here.
Want to read part 4 – You Need Reality? Click here.
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