This may occur if you are a business owner who is so busy working ‘in your business’ that you lose sight of the full potential of your business as a retirement asset. Without a clear growth plan and exit path, you may be forced to sell due to a lack of foresight, or sudden changes in circumstance.
Whatever the reason for your sale, the best way to sell your business is to be prepared. You want the process to be as smooth as possible and you expect to be fully rewarded for the hard work you’ve put into running and growing your business.
The following checklist explores the factors that can influence the final sale price of your business, and outlines the preparation steps that will streamline the sale process and help you realise full value.
HOW TO SELL YOUR BUSINESS IN FIVE STEPS
KNOWING WHEN TO SELL YOUR BUSINESS
The timing of your sale will depend on your reason for selling. You may have decided on your timeframe years in advance, as part of a succession plan, or be selling at short notice due to personal circumstances or market conditions.
"Whatever the reason for your sale, the best way to sell your business is to be prepared."
Whatever the reason for your sale, try to allow as much time as possible. Rushing the sale or seeking an urgent settlement will drive the price down and may make buyers suspicious of your motives. Conversely, you may be able to achieve a higher value by offering a long settlement period or seller financing.
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