At some point, every business owner is faced with the decision of selling their business and retiring. Countless factors can influence this decision, including savings milestones, health reasons, partner disagreements, and even boredom. But, no matter the reason, you owe it to yourself to financially prepare yourself – and your family – for the future.
When taking your first steps toward selling your business and retiring, it’s important to ask a few simple questions. And, more importantly, it’s essential that you work with an experienced business broker to ensure that you get top dollar for the business that you’ve built. In today’s post, we’re going to help you navigate the early stages of selling your business.
First and foremost, is now the best time to sell your business? A number of factors can influence the answer to this question, including the health of the business market, the amount of savings that you’ve set aside, and your ongoing expenses. Before you make any rash decisions, it may be best to speak to your financial advisor. Discuss your monthly costs, your dependents’ needs, and your lifestyle. If you’re not able to make the numbers work, now may not be the best time to retire.
While you likely have a good idea of what your business is worth, a broker will be able to provide a third-party assessment that will hold more weight in the eyes of potential buyers. Even better, they can give you tips on how to quickly – and cost-effectively – increase your business’ selling price.
In the past, we’ve talked about planning an exit strategy. Understanding your future and your preferred level of involvement is a crucial element when it comes to selling your business. Do you plan to stay on as an advisor? Will you have a position on the board of directors? Or do you want to cut ties entirely?
A broker can help you navigate these questions and, better yet, they can help you adjust your expectations regarding your business’ value. An owner willing to be patient, educate buyers and remain involved commands a higher price than one who wants out immediately.
If you’re considering retiring and want to sell your business, the team at Advanced Business Brokers is here to help. Our experienced team can work with you to establish a valuation, find qualified buyers, and ensure a smooth transition. So, if you have any questions, please don’t hesitate to reach out to us.
If you’re thinking about selling your business and don’t know where to start, consider speaking with our team here at Advanced Business Brokers. We specialize in brokering and advising exit plan strategies for various sizes/sectors of businesses.
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