Exit Planning: Sell your business and start your retirement successfully
Many business owners are emotionally attached to their businesses. It is easy to understand why. Typically, business owners invest not only a considerable amount of time and money into their business, but a good bit of themselves as well. Owning and operating a business often becomes part of one’s identity. However, no one will work forever, as retirement eventually comes for almost every business owner. With this in mind, it is important to prepare for selling your business well in advance.
Brokerage professionals can take your knowledge regarding your business, and use it to help you frame your business in the best possible light. Your expertise in your business can also help a broker find ways to improve your business so that it is more attractive to potential buyers. Let’s turn our attention to the key steps you should take when to sell your business and start your retirement successfully.
Select Your Second-in-Command
Any savvy buyer wants to know that the business is well supported by a capable team. Buyers rightfully worry about having a smooth transition period. Nothing helps dispel those fears like having a proven and capable second-in-command standing by. When selecting this important individual, pick someone that understands how your business works and is a proven asset to its operation.
Automate, Automate and Automate
Buyers can be intimidated by taking control of a business. Having a proven second-in-command ready to assist is one smart step. Automating as much as possible is yet another prudent move. You want your prospective new buyer to feel confident about buying and operating your business.
Make a “Smooth Transition” List to Sell Your Business and Start your Retirement
As the seller, you have the critically important job of removing buyers’ fears. When you boost their confidence that they can successfully run your business, you increase the odds that your sale will go smoothly. Making a smooth transition list, is a smart investment of your time and effort. This will ultimately help you sell your business and start your retirement sooner rather than later!
A good transition list includes information about how to work with key customers, employees and vendors. You want to ensure that your customers, employees, and vendors understand that a sale will take place. However, you also want them to understand that the process will be smooth and trouble-free. Whether large or small, take any steps that you can to show buyers that the transition will be well-received.
The average business owner has, in fact, never sold a business before. Therefore, many are unprepared for this very complex process. Because of this, they should strongly consider working with an experienced Business Broker or M&A Advisor who can help guide them through the process. Brokerage professionals are experts at buying and selling businesses. They understand what both buyers and sellers want and need. As a result, they can help you take the necessary steps to get your business ready to be sold. If you’re ready to get started, contact us today!
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