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?
Alright I’ll start by saying I’ve been a longtime fan, first time commenter. I figured I might as well thank you for posting this piece (and all your others), and I’ll be back!
I read your “questions” and thought that you were very thorough. The only item I might is from an emotional point. Many people build a business from the ground up. We develop relaionships, and even friends, that go along with our business. The question is, “Do you really want to sell?”