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Considering Offering your Business for Sale – Summer is a good time to Reflect

Posted on July 3, 2017

Whether you are thinking of selling your business to retire or simply to cash out and move on to another business venture it is not a process that should be entered in to lightly.  Selling your business will probably be the most important business project you will undertake; it is a process that needs preparation, a thorough understanding of the steps involved and an execution plan.

The Summer can be a good time to reflect on such things; business is often slower, clients and business associates are away on vacation and the weather is better.  Hopefully you as the business owner will be taking a well deserved vacation away from all of the day to day distractions of the workplace.  Perhaps you may find some time to reflect on your future and whether or not that will involve the sale of your business.

To get you started have a look at our “Top Ten Steps When Preparing Your Business For Sale One of the key factors to consider is how important you are to the business.  If you are too important to even take a vacation to allow you to reflect on your companies future it is likely that it will be very difficult to sell your business.  A potential buyer will be evaluating your business not the business owner.  You will need to consider a plan that allows you to start stepping away from the day to day activities of the business and develop or hire people that can tae on these responsibilities under your supervision.  Another key factor is getting proper tax and financial planning advice.  What your business sells for is one thing but what you get to keep post sale is really the most important factor.  How much do you need to retire?

One of the the critical factors in a successful business sale is often the selection of the appropriate business broker or advisor.  An experienced business broker will be your trusted advisor and will assist you in the planning process, provide a valuation of your business, introduce you to the right legal and accounting advisors, find potential buyers and assist you in the purchase and closing negotiations.

 

The Summit Group are experts at selling businesses.  Check out “The Top Ten Reasons to Hire the Summit Group” and have a great summer.  When the time is right give Harvey Lee or David Gray a call for a free consultation

 

 

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