The process of selling a business can carry a lot of emotional weight. After all, you’ve spent countless hours of your life into building your business and it has probably become a big part of your identity. Because of this, it’s no surprise that many sellers suffer from remorse after closing the sale of their company. To avoid this, it is important to sell on terms you are happy with. There are a few things to consider as you approach your exit in order feel satisfied after the sale and not regretful.
Get a Business Valuation
Before listing your business for sale, you must first find out what your business is worth. It could be worth a lot more or a lot less than you thought. Getting an accurate valuation could help you realize that some more preparation time is needed to boost the value of your business in order to fetch the price you want for it. It also helps you to create an exit plan and timeline for the sale and guides your decision making throughout the sale process. One of the biggest reasons for sellers’ remorse is the feeling that money was left on the table. Knowing the true value of your business can prevent that. Corporate Investment Business Brokers (CIBB) offers free business valuations, with no obligation, so that you can know what your business is worth before you make the decision to sell it.
Take Your Time
You should never feel pressured to list your business for sale or sell it quickly. Trying to rush through a deal in haste will almost certainly leave you wondering if you made the right decision. It may take a while, but identify the most desirable outcome for yourself and the business. Think ahead to your post-sale life and plan what you want the next phase to look like and what goals you want to achieve. Sellers who do this have the smoothest transitions and end up most satisfied with the results from selling.
Screen Potential Buyers
Generally, when selling a business, the first buyer who is interested is not the one who ends up buying the business. It’s ok to seek a buyer that you believe shares your vision for the future of the company and how it should grow. You may have a legacy that you would like to see carried on. In some businesses, owners have a close relationship with their employees. They want to leave them in a good situation and make sure that new ownership will take care of them after the sale. Take time to consider your goals and desires for how the business will operate after you sell. Screen potential buyers to make sure that they share your vision, or at least come close to it.
Hire a Business Broker
Having a professional guide you through the sale process is the best way to ensure that all your goals are met. A business broker can help advise you through the entire sale, beginning with a valuation and pre-sale preparation. They can help you formulate an exit strategy and negotiate sale terms according to your predetermined goals. Brokers can also screen potential buyers based on who you want to work with, while ensuring that they are financially qualified to purchase your business and are not just kicking the tires. Leveraging a broker’s experience is typically the best way to get the most out of the sale and avoid sellers’ remorse.
If you are thinking of selling a business you own in Southwest Florida, consider bringing CIBB Into the process. Our extensive experience and expertise selling businesses of all sizes from any industry can help guide you towards a successful sale. This includes valuing your business, establishing an exit plan, screening buyers, negotiations and advising you through any decision point that comes up in the process. Contact us to get started with a free, no-obligation consultation.
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