When is it Time to Proffer Your Business for Sale?
The notion of selling your business has floated in your consciousness for months but you are still undecided. How do you know when the right time is to present your business for sale? To help get past the uncertainty, ask yourself these three questions:
* Are You Ready to Sell?
This is more than just a financial issue; this involves your entire being. Do you still enjoy the business or has all the fun of running the business been lost? Do you have the right skill set to keep the business going or has the business outgrown your expertise? Are you prepared to invest more time and money to help the business grow or are you maxed out? Are you exhibiting signs of business weariness or burnout? How you respond to these questions will tell you what a lot about whether or not it’s time sell.
* Is This a Viable Business for Sale?
Does your business have features that make it attractive to buyers: a broad customer base, a competitive advantage in the market, unique products or services, technical or geographical advantages, exclusive patents or copyrights, or a skilled labor force?
* What is Your Business Worth?
Most business owners do not know the true value of their business. Some owners undervalue the business; others overvalue it. Knowing the fair trade value of a business is vital to estimating what an owner might seek and ultimately yield from a business for sale. MN specialists from an accounting firm or business brokering company can give your business a formal valuation.
* Prepping Your Business for Sale
If the time seems right for selling, the next move is getting your business ready for a sale. First, like staging your home for sale, you should consider a variety of ways to enhance the business from a buyer’s perspective. Second, now is the time to seek out assistance from a business broker or advisor with the expertise to coordinate and the experience to help negotiate a sale. MN business advisors familiar with the Midwest regional markets can bring additional knowledge and experience to assist you in the process.
Wondering if now is a good time to sell? A Sunbelt broker can help you determine what your business is worth in today’s market and if it is a good selling time for your business. Go to http://www.sunbeltmidwest.com for more information.