Questions to Ask When Selling a Business

Nothing is forever; even your business. There may come a time when you want out, and one way is to sell the business.

Selling a business is not easy, and you need a lot of preparation and even assistance. When thinking of selling a business, here are some questions to ask yourself:

• Why are you selling your business? Is selling the best option for you?
• Is it the right time to sell, considering the state of the economy and the industry?
• What type of business are you selling? What are the unique characteristics of this business that may come into play when selling?
• Who can help you with the process of selling your business? Do you have a lawyer, financial advisor, etc?
• Should you use a business broker?
• What type of advice do you need to establish your selling strategy?
• Where and how can you find the best qualified buyers?
• How do you put a value on your business?
• Can your financial statements withstand the scrutiny of buyers?
• What will the terms of sale specify?
• Are you willing to finance any part of the deal?
• How are you going to handle the sales proceeds?
• Do you want to be involved with the business after the sale, perhaps in a consultant or full-time manager capacity?