Are you emotionally ready to sell?
As a business owner in Australia you are in good company with over 2.3 million actively trading businesses in Australia as at June 2018. If you're thinking about selling your business, you will certainly not be alone.
There is more to be considered than the cost of selling and how much money you are going to get for your business. The financial aspect of the sale is one side of the coin, the other is the emotional aspect and it can be a very confronting experience.
One way to prepare yourself, when wanting to sell your business, is have an exit strategy,
(See Tip 5) which enables an orderly exit and can prepare you to think of the end game long before you decide to sell.
In an ideal situation when you begin your business or buy a new business you need to know your exit strategy. Life does not always allow for a dignified and leisurely process when the time comes as often circumstances or health and wellbeing leave no alternative but to tackle the process head on.
So, if this is your situation you need to be prepared for the financial and emotional cost of going through this process. Selling the business that you have started, nurtured and grown is a huge emotional step because you do tend lose a little part of yourself in the process.
One way to deal to with this emotional aspect is to eliminate chaos by getting as organised as possible be and prepared for the process. Have your accounts ready, work with those who can assist you to understand your businesses worth and consider the sale of your business from the perspective of the purchaser and who your ideal buyer would be.
Embark on an orderly process. Who in business has got the time these days to run their business successfully while at the same time trying to sell it? Remember what you do best and that is keeping the business current, profitable and saleable which may well mean handing the process onto to those experienced to handle the processes involved in the sale. This will ensure that your get the best possible result.