If you’re a typical entrepreneur, you have a habit of jumping from one idea and project to the next. When you find something that works and you build a successful business out of it, you’re already looking for the next thing to sink your teeth into. You get easily bored and can’t do the same thing for too long. That’s the reason you’re in the line of work you’re in. Entrepreneurs innovate. They don’t sit on successes of the past. They create the success of the future.
If you’re an entrepreneur anxious to move onto the next project, but you have to offload the current one, it’s not always easy. There are certain things that need to be in place before you can even consider selling. If this is you, and you’re always asking yourself “when is the right time to sell my business?” – here are things you need to do today:
Make Sure Your Business is Turnkey
People don’t like to buy businesses that have problems and don’t already run well for themselves. That’s a waste of money. Before you can consider selling, you need to make sure that your business is being well documented every step of the way.
Journal the steps of your business as if it was your personal life. Do the same for all of the financials. When somebody comes in, sees orderly records, knows where the company has been, and can easily see the growth ahead thanks charts and cash flow statements, the offloading of the business will be easier, and you’ll probably get more for it.
Seek Out Buyers
Sometimes buyers come out of the woodwork, but this only happens if you’re a larger company that is well known. For a small company, it’s often up to you to find a buyer. This is your baby. You probably want to find the right buyer, although as long as they pay you, it doesn’t matter if the business busts once it transfers hands.
The point is that you want it to do well once it’s off your hands. To do well, you have to find buyers you trust. Think about who your buyers might be. Are they current employees? Is it a wealthy individual looking for an investment?
Take the Right Deal
If you want to sell for the most you’re worth, you have to approach the selling with the right strategy. Seek out high rate buyers, get the deal done, and walk away with your money. The last thing you want to do is take the wrong deal. People are sketchy. Bad business deals happen all the time.
Make sure you’re not the one getting taken advantage of on the deal. Do your research, do what it takes on your end to get a high price for your business, and don’t be in a hurry to sell unless that’s your only option. The right buyer will come. Sometimes you have to be patient for it, sometimes that requires you to act quickly.