When the idea of selling your small business enters your mind, are you confident it will fall into place?
Yes, selling a business involves a lot of things.
That said having it all turn out the way you want can be a very gratifying feeling.
So, does selling your small business sound like the right idea now?
Make Sure to Cover All Your Bases
When you are leaning to selling your small business, here are some things to check off in your mind:
- All the paperwork will be in order – You won’t get too far with selling your company if you do not have things in order. Of most importance of course will be all the paperwork. That said you want to make sure you have not glossed over anything. Even one misstep can lead to a potential sale falling through the cracks. That is why it is wise to know how to value a startup. Doing so can lessen the chances you get the true value of your business. In not getting all that money you deserve, you may live with a regret or two. Having that paperwork in order also better ensures any prospects do not hesitate. That is in making an offer.
- Where do any workers you have end up going? – It is also important to keep in mind what may happen to any employees on your payroll. Unless you are the lone employee, think about the prospects for your team. If you were in their position, you’d want to have as much clarity as possible. That said do your best to keep your workers in the loop with sales news. You may put some language in a sales contract that says the employees have an option to go with the new owner. If you have another company in the works, would you offer your employees work there? Be as upfront as possible and do not burn any bridges along the way.
- Know the reputation – Given you want as smooth a sale as possible; another thing to avoid is a bad rap. With that in mind, are you feeling good about your company’s reputation? Not doing so can leave you worrying about if a sale will come to fruition. Go online to see what consumers may be saying about your business. That feedback can prove rather important. Also make sure you do not have any company legal issues hanging over your head. Such issues can also get in the way of you completing a sale.
- What may be next with you? – Last, how much time have you invested in thinking about what’s next if the sale happens? It is important to know what the next big step in your personal and professional lives will be. With that thing to think about, will you open another business? Could you see yourself working in the corporate world? Is retirement a possibility at this stage in life? Know where things will take you so you have a plan in place.
When selling your business is on your mind, how well will it sit with you?
