It’s the biggest decision for most business owners as it is typically something most of us only do once.
So, how do you know if it is the right decision? Do you think it is time to sell?
To no one’s surprise, the biggest trigger for selling one’s business is wanting to retire. Unfortunately, another common situation is the business owner whose health is starting to fail, and they need to sell so they can take care of their own health or take care of a loved one.
Another group is not ready to retire, but they are tired, burnt out, and need to do something new.
Do any of these ring true for you?
If not, maybe you aren’t ready to sell your business. You are still energized, motivated, and perhaps have work to do to help you get ready to sell, including addressing areas that will drive value in your business.
That is smart planning if you have already discussed value drivers and are focused on the key levers that will fuel the valuation of your business. If you have not met with a business broker to discuss what matters in taking your business to market, I recommend you do so.
Nearly every business has specific levers that will drive value. Having invested the time well in advance of deciding to sell is not just good planning, it is a wise investment.
Once a business is on the market, it is too late to focus on addressing value drivers. The negotiation process and due diligence process can be time consuming for you and your team, leaving no available bandwidth to clean up your financials or clean up your physical location to present better during a tour of your facilities.
Thinking about selling your business is a big step.
Taking small steps in advance can pay off big.
As business brokers who have all owned a business in our prior careers, we welcome the opportunity to meet with you and your trusted advisors over coffee to discuss your goals, answer any questions, and to help identify one or two levers that could be focused on to drive valuation for when the time comes.
Deciding when to sell is a big deal. We’re here to help.