When you own a small business, deciding to sell it and move in a different direction is a big step to say the least.
With that in mind, if you are looking for a business change, make sure commonsense and research is part of your plan.
By being smart in making a big change, there is less possibility you look back with regret over time.
What is Your Business Worth?
Having a true sense of what your business is worth will of course be your biggest priority.
As you move to go about selling your business, you’ll want to assess the value of your company.
Look to find out what your company’s assets and liabilities are. The hope is the former is much more than the latter.
In the event your business does have a fair amount of liabilities, you may get lucky. That is finding one or more people willing to buy your business with those liabilities in place. The thought then is that you will get less money for the company. You may be willing to do such a thing so that you can move on to something else.
That said you also want to be sure your business does not have any notable legal issues it is dealing with. Such issues can scare off potential buyers.
Once you have a good sense of what your company is worth and if a sale is possible, look to see what buyers there may be.
Make it a major focus to do all the research needed on any potential buyers.
You want to know all you can about them and what they bring to the table. That is as far as being able to make a suitable offer on your company and one that is legit too.
Still another focus when you look to change things up and sell the company is what happens to any employees.
If you have been your company’s lone employee, then you do not have to think of the impact on others with selling.
Assuming you do have employees on the payroll, keeping them in the loop as much as you can is key.
Stop and think how you’d feel if the employer you worked for was selling. What if you were in the position your employees are in. You would want as much transparency as possible in the process.
Looking at what Comes Next in Your Business Life
Should a sale of your business go through, what might come next in your business life?
There may be the possibility you buy another business if you find one suitable to your needs.
Another thought would be going to work for someone else. In doing this, you do not have the pressure of making all the big decisions that comes with owning a business.
If you are at a point in life where retirement is a thought, are you thinking that is something you could live with? Not having to work on a full-time basis does appeal to many people. You may look to do some part-time consulting work or hold another non full-time position.
As you look to make good business choices, is a major change coming to your business world anytime soon?