If You Are Truly Ready to Sell, Ask Yourself These Questions

By Murphy Business & Financial Corporation LLC

 

  • If I sell the business now, will I get enough money to satisfy my needs?
  • Will I really improve my personal financial position, or should I wait a little bit longer?
  • Define priorities: Do I want an all-cash deal, so that I can wash my hands and be done with the business? (This will generally result in a lower price the buyer will be willing to pay.)
  • Am I willing to finance part of the sales price? (This usually results in a higher price being offered by the buyer.)
  • Am I looking for a buyer to continue my business traditions and carry on in a similar style?
  • Am I looking to protect my employees and ensure they are retained by the new buyer?
  • Have I taken all of the steps necessary to make my business as attractive as possible to a new buyer?
  • What will I do after the sale? Do I want to maintain a relationship with the business (perhaps working for the new owner on a part-time basis or as a consultant)?
  • Have I thought about how much time I will give a new buyer for a transition and training period?
  • Have I done enough to ensure that the business is not dependent on me being there, so that the new owners can take over and be successful?
  • Am I willing to sign a non-compete agreement with the buyer?
  • Is this the right time to sell, and can I do it without experiencing seller’s remorse?