If the idea of selling your small business has crossed your mind, how close are you to following through?
Selling your small business can open the door to a nice financial windfall for you. That said you want to be sure you have everything lined up as perfectly as you can. This is so the potential sale has a better opportunity to fall into place.
With that in mind, do you feel as if your small business would appeal to someone to buy?
What Must Be Done When You Want to Sell?
According to Oberlo.com, there were close to 31 million small businesses across the U.S. as of 2020. Given you are one of them, are you ready to exploring selling?
If putting your small business on the selling block is the road you want to go, here are some things to think about:
1. What is your business worth?
Being able to find out how much your small business is worth will of course be something you must do. That said you can use different resources online to help you in this effort. One option to look into would be turning to a business valuation calculator. That calculator can help you get a good read on what your small business is worth. This is key so that you do not get taken advantage of. Not knowing the true value of what you have to offer could lead you to be underpaid for all you’ve worked so hard for. Go through and look at your business liabilities too. Hopefully you do not have a ton of business debt steering you in the face.
2. What happens to the employees?
Unless you are the only employee, you have to think about what will happen to your workers should you sell. So, take the time to consider what their futures may hold. You do not want to spring a proposed sale on them at the last minute. By giving them as much notice as possible, they have time to plot their next move. You may be thinking of opening up another small business. If so, would you offer your current team the chance to come and work with you? You might also think about proposing language in a contract of sale to another owner. Yes, it would involve your employees. That is they get an opportunity to work with their new employer should they choose to do so.
3. What is next for you?
Finally, you can’t forget about what is going to happen to you next. Are you looking at running another small business? Would you be okay with going to work in the corporate world for someone else? Still another possibility is that you are nearing retirement. If yes, this may be your last full-time working gig. There is the chance when selling your business you would look to at least work as a consultant moving ahead. Think about what is most feasible and of interest to you.
In looking to see if your business would appeal to a buyer, make it your business to put your best foot forward.