Are you a Florida business owner thinking of selling your business? Whether you are looking to retire or perhaps looking to move on to your next career move, selling a business is not an easy decision to make. It's important to consider what is most important and assure you're making the right decision. Here are our top 5 things to consider before selling your business.
1 - What is your reason for deciding to sell?
There can be a plethora of reasons people may have for wanting to sell their business. It is important to really think deeply about why you feel it is time to sell your business and that your reason(s) make you feel sure about your decision. Perhaps you are feeling burnt out and looking to relief yourself of the stress and problems of handling a business. Or maybe you are bored of your current business and looking to move on to the next venture you are passionate about. Whatever your reason may be, making the decision to sell your business should be with confidence and purpose.
2 - What are your priorities in the sale?
It is important to consider what you are looking to prioritize most in the sale of a business and the process can vary depending on what you, the owner, deem is most important. Perhaps you are looking to receive the absolute highest possible value for your business or perhaps you are looking to sell at a moderate value to ensure your facility stays in place. Are you looking to keep the sale 100% confidential or are you looking to reach out to as many potential buyers as possible? Choosing what you wish to prioritize the most in the sale of a business will have an effect on the sales process and should be thoughtfully considered.
3 - What are you plans after selling?
Deciding your future plans after selling is just as important as the decision to sell in the first place. Are you simply looking to retire? Maybe you still wish to be involved in the business even after selling 100% ownership. In any case, you should plan out what you want to do after the sale of your business as it can greatly impact the process of the sale and its structure.
4 - Where will you find a great buyer?
Finding the right buyer for your business may not be easy and you may be unknowingly limiting yourself. It is important to ask yourself what resources and relationships you possess that may help you reach out to all your potential buyers. However, if you are struggling to find a buyer, engaging a broker might be a good option. A broker will use a strategized marketing plan to give your business market visibility where you want it, and increase your chances of finding the best buyer. A broker will allow you to continue running your business while they work with potential buyers on your behalf.
5 - Should you hire a broker?
Regardless of what your experience is in selling businesses, it's always best advice to bring in a broker to help. A broker can do a lot to help you through every step of the business selling process, letting their professional expertise do the work for you will ease the process and allow you to continue running your business in the meantime.
In any case, selling a business is never an easy choice to make, and the final decision should come after much thoughtful consideration. The finer details can be challenging to navigate through and Acquisition Experts LLC can help you walk through these steps before moving forward with a sale.