What are the first steps in Selling Your Business
The primary goal should always be to plan ahead of time. Ideally, you should start the process at least two years before you intend to sell your business. However, there are other aspects to consider when devising a strategy for selling your company, and factors such as illness, bankruptcy, and corporate competition might make it difficult to approach your sale with such foresight.In real-world terms, this may mean the difference between a rapid sale and a best-price sale.
When an emergency strikes, contingency plans typically mandate a rapid sale at the sacrifice of profit, whereas a well-crafted exit plan will help maximize profit while taking longer to complete. When you question how do I sell my business, the answer is that it all hinges on your personal reasons for selling in the first place – so make sure you get that straight right away.
Motivations also play a part in how you expect to spend your time (and profits) after the business has been sold. Are you planning to retire? Are you looking for a way to fund a new business venture? Are you looking for a job? Furthermore, business owners may experience “sellers remorse,” especially when dealing with long-term staff and customers. One approach to make sure your time and money are properly spent is to make sure you have a clear strategy for where you want to go next.