Selling a small business is not something most owners take lightly.
There is often a lot of preparation that goes into such a sale.
With that thought in the back of your mind, is now the time it makes sense for you to say goodbye to your company?
Be Prepared so You Do Not Botch the Sale
In deciding now in fact would be a good time to sell, you want to be as prepared as possible. Not doing so can lead to a botched sale or no sale at all.
That said you want to go over your finances with a fine tooth comb. The last thing you want would be any nasty surprises. That can be things such as a major chunk of debt your business owns, taxes problems and the like.
As you look to move towards a sale, a SaaS valuation when you have a Software-as-a-Service company is good.
This will allow you to have a clearer understanding of the value of your business.
Along with knowing what your business is worth, know what your industry is looking like.
So, if the industry you are in is struggling now, would you still be committed to trying to sell? You may have some pause in thinking you may not get the true value of your company.
On the flip side, an industry that is doing quite well right now could mean you make a good amount of money on a sale. It might also mean fewer offers coming your way. That is because prospective buyers have many options to choose from.
No matter how the industry is doing now, the goal is to make sure you are prepared and do your homework. You can start by finding the right business broker. A broker does this kind of thing all the time, but like selecting a lawyer for a specific type of case, your business broker needs to know your particular industry. They can give you advice, point out things you may not be aware of, and generally can help you figure it all out and even help you sell the business itself.
Have You Lost Your Drive?
One of the reasons you may want to sell is you have lost some drive when it comes to operating your present business. If this is true, now may in fact be the time to move on.
You do not want to be giving less than 100 percent to your company day after day. Doing that can mean fewer sales and less revenue coming your way.
While there can be one or a myriad of reasons why you are leaning to selling, one can be you are ready for a change.
Over time, some people do get burned out doing the same thing over and over again.
You may have gotten to a point where going to work each day is not the excitement it once was.
Last, could you be nearing that time in life where retirement is calling out your name?
If so, you are likely better off selling when things are going well and your health is as good as can be.
It is key to remember that selling does not always mean you are cutting ties altogether.
Depending on the language you and the new owner agree on, you may stick around as a consultant. Your knowledge of the company could be valuable to new ownership moving ahead.
If you think it makes sense now to sell, have everything in order and fingers crossed all goes well with the sale.