How far in advance have you planned out your business? One year, two years, five years, or all the way to your retirement? A lot of the time, business owners just think of the next steps towards success and growth and don’t always think of the end of the line. The end of the line may mean different things for different business owners, but it usually comes down to the choice of selling or closing it down. Each has positives and negatives depending on the outcome you want.
Selling your business is a great way to provide an opportunity for it to continue and grow without needing you there. And it’s the time when you can make some money back from everything you invested in it. Here are a few ways that you can make your business more attractive when selling it:
- Sell when profits are good
Waiting to sell your business when things are in a down turn or struggling to make ends meet will make your business less appealing to new buyers. When things are good you can show potential buyers all the possibilities the business can bring them.
- Be prepared
The earlier you prepare your business to sell, the smoother the process will be. There are many steps involved in preparing your business to be sold, such as gathering and organizing financial records, client lists, and structuring your business to continue working without you. Start preparing early and you will be ready when the time comes when you want to move on to something new.
- Find the right person to represent your business
Are you selling it yourself? Or are you going to use a broker or consultant? Having the right person representing your business can make a huge difference and can save you a lot money. Interview people and make sure they have a realistic plan for selling your business.
- Sell it for the right price
Do your research! So you can have the right price to tell potential buyers. Too high and potential buyers stay away. Too low and you may lose out on too much. You want to benefit from selling your business, so don’t cut yourself short.
Business ownership is all about the journey. The journey of creating and sustaining a successful business you are proud to be part of, but it’s also about creating plans for the future. Even though it’s not an easy thing to think about, it’s best to start early.
Stephanie Fraser 