Many business owners don't give much thought to selling their business until something happens which brings it into play - illness, family crisis, divorce, economic downturn, increased competition etc.
The problem is it's then often too late to get the best price for the business. At worst it become a fire sale with years of commitment and hard work sold for a pittance
It doesn't have to be like this. I think every business owner should have a strategy or strategies (there may be a number of options) for exiting from their business in a planned way.
Here are 5 reasons why you should put some serious thought and research into selling your business, before you are ready to sell
1. Avoid a fire sale
I know, I'm repeating myself. But you get the point. If you wait until you need to sell, it is probably too late to get a good price
2. Your exit plan will determine how you shape your business
When you have done your research and thought about a possible method and timing of sale this is likely to influence how you develop your business in the following years. For example you might need to systemise or simplify your business to make it more attractive to a buyer or make it less dependent on you as a the business owner.
3. It leads you to the next stage in your life
For many, selling the business will be the step before retirement. For others, it may be the opportunity to start a new venture in a completely different field. Knowing what you may get from your exit and the timing can help you plan ahead
4. It's a big motivator
If you know what your exit looks like, that brings some clarity to what you need to do to get there. Having that goal of a big pot of gold and freedom 5 or 10 years in the future can be a huge motivator and drive you on in your business.
5. Team development
Your exit plan may highlight that you need to develop key members of your team or recruit key personnel to make your business more saleable
So thinking about your exit in advance is important and worth investing some time in. The payback in terms of the knowledge and benefits gained should be very significant indeed
We are very lucky and honoured to have business sales specialist and author Gary Morley presenting at Knowledge Bites for Base52 on Thursday 21 June. It costs a fiver and includes a buffet lunch. As a business owner it could just be the best value couple of hours you are likely to find anywhere
https://www.eventbrite.co.uk/e/knowledge-bites-selling-your-business-june-2018-tickets-40899833503
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