Three things to consider before selling your business
So you’re thinking of selling your business. You poured your heart and soul into it, but now you’re ready to part ways. Before you take the giant leap that is selling your business, there are some important things you should consider.
From simply asking yourself if you’re ready to sell to ensuring it is safe to sell, here are three things you need to consider before you sell your business.
There’s a lot of potential for emotional strain when you sell your business. You put serious graft into it; it’s yours and you did everything you could for it. You need to ask yourself if you’re ready to part ways with it. If you’re ready to let it go. It can be difficult to sell something you’ve worked so hard on and, at this stage, your business may even be a huge part of your identity.
You may find yourself regretting your decision if it turns out you weren’t ready to sell, or that you weren’t finished with your business. Ask yourself if you have achieved all you wanted. If you haven’t, maybe you want to hang on to it for a little longer. Selling your business when you don’t feel accomplished with it can be upsetting. Made harder still by the process that is tiring, stressful, and in some cases can take over a year. Can you handle the emotional weight of that right now?
Is the time right?
Many people sell their business for financial reasons. Check that now is a good time to sell. You might want to sell your business, but there’s no point in going through the gruelling process if no one wants to buy it.
And ask yourself what do you want to do next? Maybe you’re looking to start a new business once you’ve sold this one. You need to make sure you aren’t just selling to pursue something while it’s new, shiny, and interesting. If it’s a bad time for new businesses, perhaps you might want to delay your decision or consider new options for financial stability, particularly in these uncertain times.
Find out what it’s worth
Getting down to numbers, you need to value your business accurately before you try to sell. Without an accurate valuation, you might fail to receive an offer or might be giving your business away for too little.
You might find that you think it’s undervalued and not worth selling. If you’re looking to retire and want out of the business, there are other paths to consider if selling doesn’t seem like the right option.
There can be a lot of emotional and financial stress when you decide to sell your business. Make sure this is the right decision for you and your business, and ensure you complete the necessary processes before you start on your journey.
At Big Hand, our experts can handle any of your business needs for you. We want to help any business, big or small. Get in touch with us now on 0161 327 2911.