Running your own business can be satisfying, but there comes a time when it is no longer the right situation for you. In fact, your goal should be to sell your business in my opinion. Selling a business is not quite the same as selling a house as there are far more complexities that need to be dealt with, like training a new owner, helping the employees get through it, tax considerations, etc.
Still, selling a business need not be a major headache, as long as you take some important steps beforehand. Here are 3 of them:
1. Move Deliberately. If you want to get out of your business, you don’t want to wait until the last minute. If you do, there will almost certainly be complications. It is important to plan the move out ahead of time and move deliberately. Taking careful steps over a longer period of time will ensure that you are ready to deal with setbacks that occur along the way.
2. Keep it Confidential. The last thing you want to do is alarm your employees by tipping them off that you are selling. This may affect performance and in general create turmoil in the company. It is best to keep things quiet until a sale is agreed to.
3. Market Effectively. Marketing is another important aspect of the sales process. You not only need to put the word out in the right publications and to the right people, but you also need to show them the true value of your business in your marketing package. This will help you gain top dollar on the sale.
So the question many ask is how do I market effectively AND remain confidential? The simple answer is work with a reputable business broker. Business brokers know how to market a business – that’s what they do for a profession. Furthermore, they know how to put the word out to the right people and do it quietly. If you want to get a good price and have a smooth transaction, then the assistance of a good business broker can be invaluable.