Deciding to move on from your small business can be a difficult thing for you to imagine.
That said it may be the time now to do what might have been the unthinkable at one time and sell.
So, if a sale is in the cards for your small business, will you do what is needed to make it as smooth as possible?
Line Everything up for a Smooth Sale
In having things fall into place when you sell your startup, here are three keys to center your attention on:
- Having all your ducks in a row – The last thing you want or need is for your sale to be held up. That said make sure you have all your paperwork in order. Missing or incorrect paperwork can in fact hold up or even kill a sale. It is best to have at least one other person review your paperwork to look for any issues. Know that there are companies out there that help businesses like yours with sales. Why should you have to do all the legwork when others can help you out? Take the time to find such a company online and let them bring their expertise to your prospective sale.
- Where do your employees go? – Unless you’ve been your company’s only employee all this time, it is important to think about your workers. What is likely to happen to them once you have announced the business is up for sale? Your best bet and the right thing to do is to level with them from the start. Let them know what your plans are with the business and the impact it will have on them. If leaning towards or will in fact open up a business, would you offer jobs to those you have working for you now? If so, this could make for a rather smooth transition for those willing to move along with you to a new venture. If not, you want these individuals to have as much time as they need to find other work.
- Be ready for next move – Whether you open a new business, working for someone or call it quits, preparation is key. You do not want to put yourself in a position where you are unprepared for the next stage in your life. Doing so could lead to some issues, with the one of most note being financial challenges. By being ready for what can come next when you sell your company, there is less risk of ending up in a bad predicament. The key here is to think things through. Are you looking for a new small business challenge? Would you be comfortable with the thought of going to work for someone else? Is it in fact time for you to call it quits and settle back into retirement if financially able to? These are but a few of the questions you need to be able to answer.
When looking to sell, being ready for what is likely to come next is the best thing you can do for you and your wallet.