If you are toying with the notion of selling your company anytime soon, do you have a good feeling?
Yes, selling a company is a big step to say the least. That said it can be the right decision at the right time for many owners.
So, if you look to sell a business, how do you think things may play out at the end of the day?
Will You Get the Price You Seek?
In deciding to put your business up for sale, here are three keys to give priority to:
- Getting the price you want when you sell – It stands to reason you won’t be too thrilled. That is if you get a lot less money for the company than you had hoped for. So, when the decision to make with your business is to sell, do all you can to get the price you seek. One way to better ensure you come close to or even exceed the price you want is being prepared. Not having your paperwork, legal affairs and so on in order can be a recipe for trouble. You want to be as organized as humanly possible when you want to sell. Also make it a point to know what the true value of your company is. You can do this when you know how to value a startup. In having a professional valuation done of your company, you’re in a better position. This would be to know what you are dealing with. Don’t look back with regret if you sell and did not get the true value of what your company was in fact worth.
- Telling employees and customers of plans – You for sure have customers or you would not be in business. That said you may or may not have employees depending on the setup your company has had. If you do in fact have workers under you, be as upfront as you can about the plans to sell. They deserve to have some idea of what is happening and the impact it will potentially have on their lives. Keep in mind it is your employees who’ve been by your side all this time. As a result, don’t leave them out in the cold by not clueing them in on the sales plans. Giving them as much information as possible allows them to make plans of their own moving ahead. Keeping your customers abreast of your sales plans is also a good idea. If you have another business or look to take on one, the goodwill you show current customers can go a long way.
- Learning from your experience of owning – Finally, do all you can to learn from your experience as an owner. This can prove quite helpful with both your career plans and also in your personal life. Look at life as one big educational experience. That is your business ownership time can prove invaluable to you.
If selling your company is on the agenda, are you excited about the prospects?