How to Sell Your Business for the Best Price
I‘m always on the lookout for articles with the potential to positively change a business. What’s your take on the following points I came across recently?
Owning a business often forms the keystone to securing personal wealth and a solid financial future. Although most owners know instinctively when it’s time to sell up, planning succession well in advance is important if you want to secure the best outcome.
Plan in advance
Getting the best price will depend on why you want to sell in the first place. It could be due to an unsolicited approach from a potential buyer, failing health, an unexpected industry downturn, or you might just be looking to retire.
Depending on the industry, this could mean preparing anything from one to five years in advance.
Structure your business for an exit
You need to make sure all the value isn’t just invested in you as the owner. This can be a particular problem for service-related industries. It’s important to develop a business model where the value is in the business, not a particular person.
If there are a number of business owners, make sure there’s a legally binding agreement that spells out agreed processes on how owners can exit the business, and how their share will be valued.
I’d be really interested to know your opinion. Check out the full article here and then I’d be happy to discuss with you by phone (0467) 749-378 or email [email protected].
?Thanks,