Often I get asked about “when is the best to sell my business”? And how to do so?
The other important question, which is often not asked, is “when should I start to think about selling”?
In my experience, it is best to work backwards!
So, here are some of the thinking questions to consider:
• If selling, what asking price will be required when ready to execute?
• How far off is that, realistically?
* Are you prepared to hang in there until the price is reachable?
PLUS, and equally as important…
• What will you as the current Business Owner do post Exit?
• What will be the implications for business/life partners?
• If the Business is your “identity”, what then?
How to Exit? There are a number of possible Exit options e.g.
• Management buy-in
• Family handover
• Partner buy-out
• Vendor finance
• Pack up and walk away!
• Or any hybrid of above
When to Exit?
When you’re comfortable with where your business is at in addressing above.
Only then will you be ready to seek feedback from the market.
To make this happen, who needs to be involved? Do you have access to the following specialists in Exit?
• Trusted Advisors
• Business Broker
• Business Advocate (if acquiring)
• Board member
• Franchising specialist
• PLUS identify who might be interested in buying the Business?
None of this has to be daunting! Setting YOU on the path of thinking about Starting with the End in Mind TODAY, regardless of how old the business is that a few of these questions will prompt may be enough.
However, if you’re serious about having this conversation, please contact me when you’re ready.