When is a good time to start thinking about selling your business: 30 days before retirement, a year, 10 years? It’s probably never too early, but if you wait too long, you may have difficulty maximizing your selling price. The earlier you start to identify the factors involved in selling your business, the more likely you are to sell it for the price you want.
One critical factor to identify is who are your potential buyers? Do you have a family member involved in the business you believe can carry on your legacy? Is there a key employee who wants to buy your business? Or will you need to find an outside party? Identifying your potential buyer can affect how the sale is structured and sometimes the sales price itself.
Which leads to another critical issue: value. There are numerous factors that affect how much a business is worth. Identifying those factors early and working to improve upon them, prior to marketing your business for sale can help increase the value of your business so that when you are ready to sell, its value can be maximized.
If you own a business, consider attending the Business Succession Planning Boot Camp on November 8, 2019, in Casper sponsored by CAEDA. Click here for more information. Also, give us a call and we can help you establish a game plan so that when you are ready to sell your business, you can do it for the best possible price.