Every business is different, and small business owners are always short on time. So, when the time comes, how are you expected to ensure a smooth transition? How do you best coordinate your management team, employees, customers, and suppliers?
Whether you’re seeking outside buyers or selling to a family member, you want to minimize operational disruptions and, of course, maximize your selling price. And so, when it’s time for you to exit, you’ll want a sound strategic plan.
Business transitions aren’t easy. They can be financially, logistically, and emotionally difficult. But, with careful planning, transferring ownership can be a freeing – and lucrative – experience. Before you sell, you’ll want to build a detailed business transition plan that answers the following questions.
When you begin to explore your exit options, it’s crucial to have a clear picture of your personal and financial goals. With the help of your financial advisor and tax professionals, you should try to develop an understanding of what your life looks like after the sale of your business
Beyond your business’s legacy, you may have succession planning, retirement, and ongoing living expenses to account for. Because of this, it pays to ensure that your future cash flow will be sufficient to help you achieve your goals.
Recent studies have shown that only 30% of small businesses sell successfully. And, while that is a scary statistic, it underscores how important planning is to a successful business transition.
In fact, research also concluded that over two-thirds of family businesses don’t have any sort of succession plan. So, with most business owners wholly unprepared, it’s no surprise that they’re failing to sell.
But, what are the financial implications of not selling? Does your family have enough income to meet their financial obligations? How will your employees fare if you go out of business? Many business owners don’t understand just how many people actually rely on their company.
Before you fully remove yourself from your business, you’ll want to slowly implement your exit strategy. In this way, you can experience the most seamless, stress-free exit while also ensuring the new business owner is in a position to succeed.
During and after the sale of your business, but before you’ve fully transitioned out of day-to-day activities, there are a few things you can do to help the new owner.
At Advanced Business Brokers, our proven process is a surefire way to simplify the process of selling your business. We can help inventory your company’s assets, define its market position, organize its financial statements, and more.
So, if you’re looking to transition out of business ownership while still preserving your business’ legacy, we’re here to offer actionable, tailored advice. Our years of experience make us uniquely suited to locate potential buyers and maximize your selling price.
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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