For years, you have spent countless hours and allocated immeasurable effort into growing your business, and now the time has come to sell. Even with an offer that exceeds your expectations, you may have trouble letting go. When selling your business, to avoid regrets later on, take slow and careful steps.
Get an Accurate Valuation
Before considering any offer to buy, get an accurate valuation of what your business is really worth. An objective opinion from a professional will check any bias you might have. A business evaluator will calculate fair market value.
The fair market value is based on your property and equipment, inventory, and other assets. Your earnings and potential earnings may be factored in. Valuation also considers negatives, such as debts and liabilities. By knowing what the fair market value is for your assets, you will be in a better position to negotiate.
Find Someone Who Cares About Your Business
Since you feel an emotional connection to your business, you want to make sure it will continue to thrive in the future. You want to find a buyer who is aligned with your core values and who understands what you do. Not all buyers will fit that profile; many are just looking for a quick profit.
If you want to find a serious buyer, you’ll need a good marketing strategy. Start by spreading the word with owners of businesses similar to yours. They may be interested in expanding. A business broker can also be helpful, but make your goals clear.
Move Toward Your Passion
Long before you sell your business, you should have clear plans for your next step. Speak to a financial professional about how to invest your proceeds and reduce tax liabilities. Then move toward doing something you love, and you’ll have no regrets.
You may want to take some time off, enjoy your family, or travel the world. If you’re not quite ready to retire, think about what your passions are and how you might make them come true. You might have hobbies you wish to indulge in or causes to volunteer for.
Selling your business can be a stressful and emotional time. When the time comes, it’s likely you’ll have mixed feelings about walking away, at least temporarily. A hasty sale can leave you with regrets, but if you take your time and plan, you’ll reap the benefits without the downsides.
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