Selling and exiting your business is a hard decision to make. You work so hard to build your business and now it is time to say good bye. How do you go about selling your business?
It could take up to four years to complete a sale of a business. So, plan ahead. You are the best person to narrate the history of your business. You are the one who kept all those records of your business. So, get those records ready way ahead of the decision to sell your business.
Find the right broker to sell
While you are gathering your business records, dig those real estate flyers you received from brokers. Talk to some of the business owners who sold their business recently and ask for recommendations.
Talk to friends and family who may be interested in buying your business
Do not expect the real estate broker to do all promotions. Your circle of friends and family may leads you to a successful closure.
Find the right buyer
Talk to prospective buyer about his/ her experience. Determine he/ she is the best fit for the business to carry your legacy.
Consider tax consequences
Talk to a tax adviser before completing the sale.