No matter how long or hard you’ve worked to grow your business, sometimes you have to step away. Maybe your heart isn’t in it anymore or you simply want to retire and put your feet up, whatever the reason there’s a lot to think about before you selling your business.
Before you even consider putting your business on the marketplace you need to be sure that your reason for doing so is right. Don’t make any decisions on a whim. When it comes to undertaking the procedure it’s always good to ask the experts for help, places like www.bcms.com/gb/ can be lifesavers.
Once you’ve decided that it’s the right thing for you there’s various external factors to consider. Is there still a need for the services your business provides? How are your competitors doing? And don’t forget that current social and political events can have a major impact on demand and worth.
When you feel that both you and your business are ready for the sale it’s important that you find the right buyer. It’s not just about who can offer you the most money (although this is definitely something to take into account!). You need to find someone who will nurture your business as much as you did. If you’ve spent years growing your business, it will be hard to walk away. Try and make it easier by choosing a new owner who you trust.
Once you’ve signed on the dotted line and the deal is done and dusted you may well find yourself at a bit of a loose end (unless of course the reason you sold up in the first place was to move on to a new venture) so it’s always good to have some plans. There are loads of options available both business and nonbusiness related.
Tips for Selling Your Business
Check out the infographic from BCMS below for more tips and tricks for selling your business.