If you could create your own fantasy Board of Directors who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask two experts how to get ready to sell a business.
There are several reasons small business owners decide to sell their companies — they want to move to another city or state, sales are down, they’re looking for a new challenge or it’s time to retire.
Whatever the reason, once you decide to sell, you can’t just hang up a “for sale” sign and wait for the offers to come rolling in. Selling for the right price takes time and preparation.
Luba Kagan, manager of business development and strategic partnerships at BizBuySell answers…
The more time you take to properly assess, prepare and market your business for sale, the higher the probability of maximizing the transaction’s success.
Deciding to sell
The reason you’re selling your business is the most fundamental question you need to answer — for yourself and for buyers — since it’s likely this will be one of the first questions a potential buyer will ask. Define why you are selling and what you would consider a successful outcome. Assemble a team of advisors when you are contemplating a sale, including your family, trusted friends and the professionals (accountant, lawyer, business transaction advisor), etc.