Are You Ready to Sell Your Business Now?
By 5 Critical Questions to Help You Prepare to Sell Your Business
by Rock LaManna
Most business owners drastically underestimate how much time and energy it will take to strategically position their business [to sell]. Most view selling like a light switch – when they’re ready, they’ll simply enter the market, close a deal, and walk away with a pile of cash.
In reality, that’s not the way the game is played. Preparing your business takes time, often two years or more! The key is to think strategically, ahead, and begin with baby steps. Trivial as these questions may seem, they’re important for setting the direction you want to go, and determining how much time you have to get there.
- How old are you? Whenever I ask this question, I always hope for the answer to be as low as possible…
- What’s your health condition? It often takes some sort of a catalyst to make an owner think seriously about selling their business – and many times its health related…Don’t let health dictate your future. Plan now while your health is good, so you have the time and energy it takes to sell your business. Speaking of which…
- What’s your energy level? Preparing your business is no picnic. If you wait until you’re 65 to begin the prep work, you might not have enough gas in the tank to round third and slide into home…
- Is money keeping you at your business, or do you have other interests? If you need more money before retiring, it’s probably not the right time to sell your business. In that case, you need to develop a strategy for the next three, five, or however many years to get you where you need to be to sell…
- Who is the ultimate decision maker? You might think it’s you, but are you sure? Conflict often arises, especially among family-owned businesses…
Preparing your business for the open market is an enormous task, but breaking it down into small steps can help you manage the chaos. Answer these five questions to get the ball rolling right now.
To read the entire article, written by Rock LaManna, click: 5 Critical Questions to Help You Prepare to Sell Your Business.
The Summit Acquisitions Group — Business Brokers and M&A Advisors — specializes in the sale, appraisal, and financing of privately owned companies ranging in valuation from $500,000 to $5,000,000. Contact their offices in Atlanta, GA or Charlotte, NC for a free consultation.