When you started out as an entrepreneur, the end game of your business was probably the farthest thing from your mind.

Perhaps you are nearing retirement, perhaps the pinch of the recession got you thinking, perhaps you have a looming personal issue that will require your full attention – whatever your reason for thinking about selling your business, your foremost thought is likely how you will get the highest selling price possible.

You have devoted countless hours, reinvested in your business and pushed through tough times to make the business what it is today. When you sell, all you are looking for is a good return on your investment.

How do you get the best return on your investment? Plan ahead.

An exit strategy should be in place for every business from the very beginning, but if it isn’t, now is as good a time as any to make one. Think about what you want to get out of your business when you sell and what timeline would be ideal.

How long would you ideally like to own your business? Is there a number in your mind, as far as sales or net income, that once you’ve reached you would be ready to move on? If you have goals and milestones in place, it can be a much easier decision to sell once you’ve hit those goals.

Then you also need to make a game plan for a timeline that is far less than ideal – the emergency sale. What is your plan if you or a business partner is forced to leave the business for personal reasons (like an illness, a divorce, a family emergency)?

The best way to be prepared for an emergency sale of your business is to always be ready to sell. Keep your financial records in order, keep the business in good repair and keep the business clean. If you are always on top of the things that a business sale would require you to do (gather all business records and financial documents, fix broken equipment, have the business cleaned so it can be shown to prospective buyers), then you won’t have to try and contend with all of those things during whatever emergency is causing you to suddenly sell.

The most profitable exit strategy is just having an exit strategy from the start. Take some time to figure out when and why you would sell under the best conditions, and then also stay at the ready for the possibility that you might have to suddenly sell.

Are you a business owner who doesn’t have an exit strategy? Do you want to know more about what time is the best time to try and sell? Ask us! Please leave us a comment or question here, and we will be happy to help.

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
1910 Park Meadows Drive, Suite 202
Fort Myers, FL 33907

https://infinitybusinessbrokers.com