Deciding whether to sell your small business is a complex process that impacts not just your professional life, but in all likelihood, your personal life as well. After all, you’ve devoted time, effort, and resources to build, grow, and promote your business
While we can’t offer one single list of criteria to help everyone decide when they should sell or when they should hold, we can walk you through all of the critical things to consider when deciding whether to sell your business.
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In this post, we’ll look at the entire process of selling a small business, paying particular attention to what factors make for a good opportunity and what might mean that a sale is a bad move. Here’s what we’ll cover:
>How to position yourself for the perfect saleCommon reasons for both holding and selling a small businessQuestions to ask when deciding whether to sell or holdPros and cons of selling a business in various scenariosWhat to do when you’re ready to sell your business
In the end, you’ll be equipped to assess your small business against potential sales opportunities, empowering you to make the best possible decision.
Considerations for selling your small business
Before you go about trying to decide whether to hold or sell your small business, you have to make sure both options are actually options for you. In other words, if you decide to sell, is your business in a position to be sold?
Selling a business is far from a quick and easy process. It could take months or even years to get your business ready to sell, screen potential buyers, and complete all the legal processes required to transfer ownership.
As we can see from this chart by MidStreet Mergers & Acquisitions, businesses worth more often take longer to sell.
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To make it as easy as possible to sell your business quickly, prepare for your ideal sale as early as possible. Here are a few things you can do regularly to prepare for a potential sale.
Maintain your company’s records
From day one, keep detailed and organized records for every key piece of paperwork. This includes everything from your business registration paperwork to your latest cash flow statements.
Maintaining your records saves you a lot of time when you’re ready to transfer business ownership. You’ll already have a
By: Guest Author
Title: What to Know BEFORE You Sell Your Small Business
Sourced From: www.wordstream.com/blog/ws/2021/04/29/hold-or-sell-your-small-business
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