If you are at a point where selling your small business sounds like the thing to do, are you ready to pull the strings on it?
Selling a small business can mean both excitement and stress.
With that in mind, what measures can you take to make selling go a little easier on you at the end of the day?
Be Smart When Deciding to Sell
If selling sounds like the right thing to do, here are a few pointers to keep in mind:
- Have everything in order – When you decide you want to push forward on a sale, be sure you have everything in order. Doing so will mean less pressure on you as you prepare your startup for sale. That means first that all the paperwork is properly accounted for. One main thing that can hold up a potential sale is when paperwork is not all there or incorrect. This means going through everything with a fine tooth comb. It never hurts to have a second or even third set of eyes trained on all the paperwork. That is to be sure nothing is missing or there are gaffes.
- Have help along the way – You will also want to have some help to get you set up for the sale. That means a resource that can put your company on the market and funnel info to you on prospective buyers. By going online, look for startup acquisition resources that will prove worth it to you. Those resources can be the difference between a smooth sale or not even having one at all.
- Have thoughts of your workers – Unless you are the lone employee, think about what it will mean to workers. Remember, you are looking at things like finances, health insurance and more. If you have a definite sale plan in place, share it with your employees as soon as possible. Doing so gives them more time to prepare for the change that is about to come. Will you be going on to start another business and consider taking some or all the workers with you? If not, it is even more imperative to give the workers as much notice as possible so they can make plans.
- Have the possibility of consulting – Would you consider consulting for the new owner? If you are getting up there in age, you may decide that consulting is the route you want to go if doable for you. So, think about the possibility of consulting and if you would be comfortable with such a role.
- Have time to reflect on things – Finally, take the time to think about all you have accomplished in being a small business owner no matter how many years it was. You did something great in running a small business in the first place. As such, be proud of all that time and effort you put into it.
When you are looking at selling your small business, what will your main focus be on?