In the majority of cases, a business will be sold, passed on or close down. When business people enter into a business this is usually the last thing they are thinking about. However there may come a time in your life when your interests begin to evolve or change and your initial passion begins to fade.
If you are reading this article you may be starting to think about making that change and consider selling your business. As when you started your business, you had a thorough plan with goals and research. Now that you are considering selling your business you must also have a robust exit plan strategy.
Consider the following:
Where do I want to be in five years?
What are my current passions?
What are my priorities?
Am I only looking to sell because the market has slowed?
Would I consider continuing with the business if the market suddenly picked up?
What do I want from a buyer?
Do I want to be involved in the business in the future?
Do I want family or friends to be involved in the business in the future?
Can I cope financially if I sell?
These are some of the questions to get you started, but you should add much more to your list. As you read through these questions you will see they are not easy to answer and take a lot of self reflection. It is best to discuss your exit strategy with your partner, friends, accountant, business broker and anyone else you trust.
Once you have a clear picture of where you are heading, you must record your exit strategy into a plan and ensure everyone that is involved in the sale of your business understands what you expect upon completion.
If you require further information about selling your business, contact Alert Property Group.