Buying or selling a business is a full-blown rodeo. Sometimes it is hard tell difference between the bulls, clowns, and cowboys.
During a career spanning several decades, I have been involved in the ownership transfer of many small businesses. Sometimes representing buyers, sellers, or the lending institution.
Most experienced business owners and entrepreneurs are not timid people. They know what they want and how they want it!
The very best, though, are confident but remain respectful, genuine, and empathetic.
Selling your business is not just a matter of putting up a for-sale sign and waiting for the offers to roll in.
It’s more. Way more! The due diligence list I use has 42 main items.
So, When the time comes to sell your small business, there are many things you need to take into account. This can be a complicated and emotional process. It’s important to have a solid plan in place.
Here are ten things to keep in mind when selling your small business:
- Be prepared for several rounds of negotiations that will sometimes feel endless.
- Do not sell your business yourself. Hire a professional.
- Visualize and internalize how selling your business will impact your life. Have a clear plan for what you are going to do next.
- Know the core value metrics of your business inside and out.
- Appreciate and respect the perceived and real value a prudent buyer will see in your business.
- Make sure all of the business’ housekeeping affairs are in order.
- Provide a written business plan to share your vision and opportunity for the future of the business.
- Negotiate only with serious buyers.
- Remain true to your personal core principle-based values.
- Don’t take anything that happens personally. This is a business deal. Both you and the buyer have a duty to get the best deal possible.
That’s it!
Thanks for reading and thinking for yourself! Be sure to subscribe to not miss out on future posts about how to maximize the value of your micro-business.
Russell Anderson
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P.S. I appreciate and respect your investment of precious time to read my work! That’s why I strive to provide thought-worthy content that generates a worthwhile return on your investment.