Am I Emotionally Ready to Sell My Business?
Your business represents a huge part of your life from both a financial and emotional point of view. The thought of selling can be scary because of the time, love and energy invested into building your business. You will need to be ready both emotionally and from a business perspective. Business owners who have a vision about what they will do after they sell their business are much more committed to the process and more likely to achieve the desired results.
Has the Business Outgrown My Skillset?
Many sales people with drive and passion make great entrepreneurs. But as a business grows, different leadership skills may be needed. Given a business owner’s emotional attachment and involvement in a business, taking a step back to assess what is best for the business can be a very difficult task. An objective, unbiased view from a third party is highly recommended to shed some light on any skillset gaps. At SOT Business Brokers, we can help discuss your current position, leadership requirements, business strategy and options.
Can a Buyer Step in Easily If I Sell My Company?
Are you a very hands on owner who has strong relationships with partners, clients and customers? Keep in mind that the goodwill will leave the business when you do. Consider when you go on holiday – does it start to fall apart? It’s time to start thinking about the business without you in it. Ensure you have a strong management team, loyal staff and solid systems in place to fill your gap. This will make the business more attractive to a buyer.
Where Is My Industry At? Do I Need Help Selling My Business?
Is there a new player in your industry shaking things up? Is there a technology related shift that threatens your business? Can you keep up with fast paced change or could you get left behind? Will the situation be worsened in coming years? Is there some hype in the industry which could result in a buy/consolidation in your sector? If you need help in recognising where your industry is placed and how this affects selling your company, let SOT provide advice. You need to be thinking 5 years ahead at all times and you may need to start preparing to sell your business sooner rather than later.
Is It Time to Move On Before All My Passion Is Gone?
Like any fading relationship, sometimes it’s difficult to detach and move on. If you are finding a lack of passion and drive, it may be time to sell your business. Only you can decide if the spark is gone and if it’s time to seek a buyer with the passion and energy to continue what your hard work has built. The key is to recognise it before it’s too late.
Am I Approaching Retirement Or Ready For a Change In Lifestyle?
Being a business owner comes with a lot of challenges and you may be ready to take a step back and live a different lifestyle. Our top priority is getting you the right price to enjoy the fruits of your labour. Make sure you have considered the possibility of consulting during a set handover period as this is also attractive to buyers.