Most business owners have invested considerable time and energy in their business, and the decision to sell the business can be particularly difficult. Unlike most business decisions you make, you only get one shot to get it right, so it pays to know what to expect and plan carefully before you sell.
Deciding When to Sell a Business
Ideally, you want to sell your business when the economy is doing well, you’ve had a good year and, from all indications, this has been a very good year in the HVAC/Plumbing industry. But, generally speaking, deciding when to sell your business will often turn more on your personal considerations and economic realities than on ideal market conditions.
Take some time to consider what matters most to you, and how much will be “enough” to let you walk away from the business. If you can achieve what matters the most to you, and can expect to receive enough compensation to make it worth your while, then it may be the right time to sell.
Selling a business can be a long and complex process, so planning and execution are essential in order to meeting your goals. It takes a team which will include you, your CPA, your attorney and a business broker to coordinate and oversee the process to a successful conclusion.
Business Research Group is a highly respected and highly efficient business brokerage that works with companies like yours in the planning, selling and successful transition of businesses. Importantly, we strive to work confidentially while minimizing the impact on your time or operations. I encourage you to visit our Resources. It houses our articles on ways you can add value to your business and prepare for an eventual sale however far in the future that may be. We also have a valuable tool that you can use to quickly determine how prepared you currently are to cash out of your business.
For information on this topic, download The Exit Checklist. We provide practical answers to the basic questions all sellers ask:
What is my risk aversion level?
What will my role be after I exit?
How do I ensure confidentiality?
The Exit Checklist is your first step to a happy retirement. Try it now for valuable insights into your future exit.