You’ve been in business for many years and have created a business that provides you with an income that is steady. It’s now time to sell your business. Selling your business is a big decision that you should not take lightly.
To ensure you get the most value for your company, it’s vital to have a team of advisers on board who are experienced in mergers and acquisitions including legal, tax and financial experts. They should be experts with your specific industry. The more niche they are, the more they will be able to guide you through the process of selling.
A professional valuation is the initial step in determining what your company is worth. A business broker or M&A firm typically does this. This will give you an idea of the value of your business so that you can set your expectations accordingly.
Once you’ve figured out how much your business is worth, it’s time to start planning for the sale. This means addressing any employee issues and intellectual property concerns and any legal concerns that may arise. You may want to also consider a seller-financed option. This allows you to remain active in the business as an advisor or consultant after the sale. It is a great way to ensure your legacy will continue through your business. This can increase the value of your business, as a buyer would be more willing pay you when he can be assured that you will keep the company thriving.