When you’re ready to sell your small business, there are a few things you need to think about. Maybe you’re ready for a change and want to move on. Maybe your business has outgrown its current location. Maybe you just don’t have the time or inclination to run it anymore. Whatever the case may be, these five tips can help get your small business sold and moving on in the right direction.
What is Selling Your Small Business?
When thinking about selling your small business, it’s important to take a step back and assess what needs to change in order for you to move on. Here are five key things to keep in mind:
1. Make sure your business is running smoothly. If there are any hiccups or deficiencies, be upfront about them and work with your customers and employees to address the issues.
2. Determine your exit strategy. Do you want to sell the business outright, let someone else run it while you focus on other ventures, or do something in between? Consider what’s best for you and your business at this stage.
3. Assess what you’re worth. This isn’t as simple as multiplying your revenue by 100 – factors such as market saturation, competition, and brand strength all need to be taken into account when calculating a fair price. Don’t put yourself undervalued – find a balance that works for both you and the buyer.
4. Get organized and ready to go! Having an organized sales process will make the whole process go much smoother – from preparing a marketing pitch to finalizing closing details. Figure out what needs to be done in order to put your business up for sale, then get started!
5. Take care of yourself first! Selling a small business is difficult enough as it is – don’t make things harder by putting yourself health-wise at risk by overworking or taking on too many commitments outside of work.