After putting in years, perhaps decades, of hard work into your business, you’ve decided that it’s time to sell. This is a difficult decision to come to and one that requires a lot of forethought and planning. Venturing into this unknown territory for the first time can be a daunting prospect and you need to be fully prepared for all eventualities.
It’s perfectly normal to be a little anxious about selling your business. It’s a huge, life-changing event and one on which a lot of money rides. However, always remember that people sell businesses every day and, with the right approach, you can be sure of making a success of your sale.
Here are five common fears people experience when selling their business and, hopefully, some useful information to allay them:
- Loss of Purpose
If you’ll be retiring upon sale of your business, you may be worried about experiencing a loss of purpose. Every working day, you’ve been investing time, money and hard graft into your business. Chances are something you’ve worked so hard for carries a big emotional attachment too. This is why it’s essential you plan, not just for the sale, but also for what happens next. You might want to go on a luxury vacation or take some time out. But make sure you have an idea for how you’ll fill your days beyond this initial period. The transition to your next chapter will be much happier and easier as a result.
- Customer and Employee Care
You’ve spent a lot of energy creating a company that provides a good working environment for your employees and an exceptional level of service for customers. Handing those responsibilities over to another agent can be a worrying prospect. Choosing a buyer carefully may reassure you. You need to find someone with customer and employee care at the heart of their operations in order to maintain the security of your team.
The period during which your business is on the market presents its own worries. If employees find out about the situation, they may start looking for other jobs. If competitors discover a prospective sale, they may capitalise on the instability your business is experiencing. Both scenarios would devalue your business. Keeping your sale intentions under wraps is of the greatest importance. This is why hiring a reputable and trustworthy business broker can be an invaluable move.
- Getting the Best Deal
You may be worrying about being taken advantage of in the sales process or making a bad deal. There are lots of legal hurdles to overcome and technical processes to get your head around. Again, choosing the right company to sell your business can have a massive impact on how the sale proceeds. A tool like Digital Exits can help you value your business quickly and easily and then help you to sell it for maximum profit.
- Financial Security
You may be in line for a big pay out upon sale of your business, but you should do some careful calculations as to how long that money is likely to last. If it will see you well into retirement and still leave you something to pass on to the kids, you’ve no need to worry. If, however, this seems a bit of a stretch, you’ll need to consider how you can economise, invest or earn additional money to fund your daily life.
Selling your business marks the end of an important chapter in your life. By making use of expert advice and treading carefully, you can be sure of starting the next one with maximum profit and no regrets.