You have worked hard to build a successful small business, and now the time has come to sell it. Maybe you are looking to retire, maybe you want to move on to a new industry or maybe you just need the money right now. Whatever your reason is for selling, you can expect the selling process to be full of twists, turns, and important decisions.
Here at ISoldMyCompany.com, we help ensure both buyers and sellers have the resources, information, and advice they need to make wise business decisions. Now, we have put together a guide that will walk sellers through the steps. Read on for more advice and information on putting your small business for sale in Massachusetts.
Preparation is key
When selling a business, there are two key motivational factors at play: the financial/organizational side of things, and the emotional side.
Preparing for the business side should be relatively direct, but small businesses often fail to have all their ducks in a row before starting the selling process. You need to make sure your books are pristine and that you have a very clear idea of your company’s worth before selling.
As for emotional preparation, there is no “one size fits all” solution. But it is important to be aware that emotions might cloud your judgment, especially if you are selling a family business. Keep that in mind, and remember to get second and third opinions from unbiased friends and associates.
Less is not always more
Less might be more in the design world, but when it comes to selling a business, having too much of something is typically better than not having enough of it. This applies to opinions and advice, as well as offers and valuations.
The main reason for selling your business is to make money, so of course you do not want to undervalue the company. Seek out trusted advisors, respected financial institutions and important friends and family members for advice, opinions, questions and concerns.
Negotiate your role
Often, a new business owner will ask the previous owner to stay aboard in an advisory role for a while to make for a smoother transition. If the new owner requests this of you, make sure you have a solid agreement about whether the role will be temporary or permanent, what your compensation will be, and how long you will stay on.
Remember, this is not your company anymore, meaning that you are now an employee. As such, you are entitled to the same rights and information as any other company employee.
Trust a professional
This guide is a great start, but it is just the beginning of what you need to know before listing your small business for sale. If you take anything away from this, let it be these three ideas: be prepared, seek qualified help and know your rights.
When the time comes to sell your small business, we hope you will trust the team at ISoldMyCompany.com to help you reach the greatest number of potential buyers, and we also recommend that you locate a qualified broker.
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