If you are at a point and time where moving on from your small business makes a lot of sense, will you be prepared to do so?
Yes, it may seem like a stressful thing to do.
That is especially true if you do not have the next step in your business and personal lives planned out.
So, how best to prepare yourself for this move so that chances are it turns out the way you want it to?
Don’t Get Caught Off Guard
In doing all you can to sell your small business, here are some things to definitely be able to answer for:
- Are you prepared to put your business on the market? – The first thing you need to address is if your business is in fact ready to be put up for sale. This means you have all your affairs in order. Failing to do so can make it harder to sell. In fact, it can negate a sale altogether if one is not careful. Having all your paperwork, finances and so on checked and rechecked will prove key. You want to make sure you are doing due diligence during an acquisition. If you fail to have things planned out, a prospective buyer may be timid about buying you. If that happens all too often, you could end up not having a sale go through. Then, what would be your next move? Take the time to get your small business positioned to sell. It is better to take extra time doing so as opposed to rushing things through.
- What happens to any employees you have? – Unless you are the company’s one and only worker, what will happen to those you’ve employed? It is important to keep their futures in mind as this process unfolds. The last thing you would want to do is leave employees hanging. They’ve worked hard for you during their employment and deserve to be kept in the loop as things unfold. One option may be they are included in any sale and have the option to go and work for the new ownership. Another is they move along with you if you are going to have a new startup. Still another possibility is they go their own way. Make sure to give them as much notice as possible so they have some options to explore.
- Can you learn from this experience? – Finally, what might you learn from this experience as things change for you? If planning to move on to owning a new business, having learned things from this ownership would be a help to you. Think about what worked, what did not and what you would have liked to tried while at your small business. The hope is that experience will guide you in your next venture. If you are going to work in the corporate world, your managerial skills in having run a business could be a big help.
As you look to move on from your small business ownership, do it in an orderly fashion.
Remember, when one door closes, another one is likely to open soon after.