Have you been getting the itch to move on from the small business you have called your own for a while now?
If that is the direction you are leaning in, how confident do you feel that things will pan out? That would be you will get all you wanted out of such a sale?
When looking to sell your startup, you do not want any major gaffes that will derail a potential sale.
So, what needs to fall into place so odds increase that your sale can go the way you want it to?
What is Your Plan for Selling?
When the time comes for you to put your small business up for sale, here are three ways to go about it:
- Have the right plan in place – How can you expect to sell if you come to the table with no plan in place? This means you craft a plan that puts your company in the best position to be sold. First, don’t think you have to do all the work of trying to sell on your own. Go online and find companies that can help you get attention for your company and its proposed sale. You can then be in touch with people looking for companies such as yours to buy. As great as that help is, make sure you are 100 percent ready before putting your small business out there for sale. This means all your company paperwork is in order for one. Know your company’s financial situation. Also, if you have employees, will they be included in the sale language? That is a new buyer would have to at least make them job offers. Finally, make sure you are aware of any potential roadblocks that could thwart the sale. This can include any pending lawsuits against your business and more. Being prepared with a plan gives you a better chance to pull off the sale.
- Know your reputation – In today’s Internet age, how confident are you? That is in your company’s reputation? How good do you feel about your reputation as a small business owner? If one or both are not all that great, it can kill a sale. That said go online to see what consumers, current/former workers and others may be saying. The last thing you want is a questionable reputation. If there are questions online about your company or you, do your best to squash any bad info, rumors and more.
- Know your next move – While selling your business may be the priority, what is next for you once a sale goes through? Not having a definitive answer has the potential to hold up your sale. You may get some cold feet if you do not know what comes next. In such a case, you could miss out on a good opportunity to sell. By knowing you will buy another small biz, go to work for someone or even retire, you can have a little more peace of mind.
When looking to sell your small business, will everything fall into place like you want it to?