When you’re selling a business, time is of the essence. That’s why it’s important to line up potential buyers and prepare to leave the enterprise as early as possible. The final sale may not be completed for months or possibly even years after you start the process.
But if you’re in a position where you wish to sell, there are some very effective steps you can take to help ensure that you exit the business in a timely manner with the highest possible asking price.
Find Potential Buyers
This can take quite some time so you need to gauge your ability to endure what might be a considerable period of searching to identify individuals or corporations that might have the financial strength and overall interest in what your business offers.
How you go about conducting this search matters as well. If you get too public about it, that might put you at a disadvantage with your competitors as they discover that you’re attempting to sell.
This can make them privy to confidential information about your company and the selling points being considered by buyers.
If you are concerned about this happening, talk to one of the professionals at First Choice Business Brokers Phoenix, whom you can trust to keep all facets of the sale strictly confidential.
Look to Your Employees
Who else knows your business better than the people who have been a part of it almost as long as you? Turning to your employees as a potential buyer is a great way to show them all the level of faith and trust you have in their collective ability to keep the enterprise afloat for the long term.
This is an ideal option for those businesses that are financially secure and have demonstrated a minimum of employee turnover. You want people who are well-established in the know-how of your business to own and operate it after you take your leave.
Bring on a Partner
Perhaps you don’t want to fully exit the business but you don’t want to devote the same level of dedication to the enterprise as you do now. That might lead you to take on a business partner.
This can also be time-consuming in that you want to find someone who has the same skill set and knowledge of the business and the industry as a whole.
You’re essentially installing someone to take on the major responsibilities and sharing in the profits and growth of the company at a compensation level that is commensurate with the amount of time and effort he or she is putting into the company.
Be sure to write up a clear and detailed partnership agreement that outlines each party’s participation in the company and defines how each may exit when they so choose. This, of course, will concern you more than it will them as you mull over selling the business.
A partnership will then free you up to do other things while still maintaining an ownership in the business that you worked so hard to build.