The Million Dollar Business Selling Questions
There are a whole host of reasons to sell a business. Whatever yours is, you’ve reached the stage where you’re sure selling is the best thing. Good for you. Believe it or not, this could be one of the best things you can do for your company. A new owner and vision could revamp your ideas and see them soaring in the market. But, selling a business isn’t no simple task.
In truth, there are a whole load of considerations to make beforehand. For one, you need to reach out for people who own a business brokerage to help you ensure a smooth sale. Even with that help on board, you need to let them know the following so that they can best suit your needs.
Do you want shares?
First, ask whether you want to hold onto business shares. This makes sense, as it would sting to see your business soar without you. Still, you need to make an ownership clause clear to buyers. You also need to be clear about how much of a share you want, and how much of a say you intend to have. Will you be taking a backseat, or do you still expect inclusion in decisions?
Will you accept finance?
Think, too, about the kinds of payment you’d accept. Consider that a finance seller will be able to pay more. But, it comes at the cost of additional paperwork and delays. A cash buyer might offer less, but they could also provide a quick sale. Which of these would most suit the reason you’re selling in the first place.
Are employees part of the deal?
Consider, too, whether to include your employees in your sale. Many business owners do this, and it works for a few different reasons.
For one, it’s common courtesy to the people you’ve worked with for this long.
It’s also an excellent way to ensure your business doesn’t go down the drain when you walk away. Still, some sellers won’t even consider a staffed business. As such, this again comes down to how fast you want to sell, and how much you care about your company’s future.
What about real estate?
It’s also worth bearing in mind that not every business buyer will want your business real estate. Most times, buyers will look to invest in your name, not your building.
In some ways, this can be a benefit as it means you’ll be able to sell that building to someone else and see more money in the end. It does, however, mean more work, and potentially more time until you can move onto pastures new. It also means paying to advertise both sales separately before you see the money back.
Think long and hard, then, about whether it would work better to sell things as a package or not.
Once you’ve answered all these questions, you can let your broker know precisely what you want. And, that ensures your business goes to the right home in the end.
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