Before you start selling your business, think hard about it and make sure you’re ready for this often emotional event. You need to ask yourself a few pertinent questions about several important factors.
Here is an overview of questions that will help you gather your thoughts and focus your mind on what you really want.We would be delighted to guide you through this critical moment in the sale of your business.
What’s your main motivation for selling?
- Thinking of your retirement?
- Looking for liquidity?
- Seeking an investment closer to your heart?
- Wanting to add resources (financial, expertise, etc.) to expand your business?
What do you plan to do with your money?
- Have you considered the benefits of financial and tax planning for this influx of money?
What are your financial needs?
- Will you have enough money to support yourself and your family?
Are your loved ones aware of your decision?
- Are they supporting you?
Are you really ready?
- What are your plans for the future?
Do you want to leave the company permanently, or continue working to help growth? If so, for how long?
- Do you want to retain a financial interest?
Do you want to sell in the short or medium term?
How important do you think it is to sell confidentially?
- What will happen when your customers, employees, or competitors learn that you want to sell?
** See next week’s post for further thoughts and practical advice.