There are many steps to selling a business and it is important for a business owner to continue to operate the business as if the business was not for sale at all.
Often times when a small business owner has reached the decision to sell the business, the owner then makes the mistake of mentally checking out. The owner may spend more time on the golf course or more time out fishing. Sometimes the owner makes relocation plans that are time sensitive. However, until the business transaction has closed, the wise business owner continues to “take care of business”.
It is important to understand that businesses don’t sell overnight. The more prepared your business is for sale, generally, the faster it will sell. That doesn’t mean that by preparing your business for sale you are guaranteed a quick sale once the business is put on the market. There are many factors that determine how long it takes for a business to sell. Does the buyer need a specific skill set? Has the business been priced appropriately based on current market conditions? How does the business compare to other similar businesses currently for sale? How is the overall economy? And as the saying goes, timing is everything.
Patience is the name of the game. Prepare your business for sale and then continue to operate the business as if you were planning to double your revenue within the next year. Continue marketing your products and services with your focus on the growth of the business. When the right buyer is identified, you will have increased the value of the business instead of allowing it to slowly decline. And if for some reason the transaction doesn’t work out, the business value can be reviewed and updated accordingly and the business can be marketed with a higher value.
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The information above is general in nature. If you have questions or would like to discuss how to plan and implement your successful business exit or how to successfully sell your business, please schedule an initial information exchange. In that complimentary session, we will be able to learn more about your business which will allow us to provide you with valuable information that is relevant to your specific situation.