You’ve determined it will soon be time to exit your business and this can be for a variety of reasons.
It’s important to consider the following:
- Why are you selling? Retirement? Or maybe it’s the right time in the life cycle of your business to sell
- Or, could you reinvent the company with new or different products and services to essentially go to the “Growth” stage again?
- What is your time frame for leaving the business?
- Do you expect to sell to current employees or an outside buyer?
- Be realistic about the value of your company. Have you run your company like a business, or have you simply created a job for yourself?
- How can you maximize profitability of the company?
- How will the transition be handled?
- What is the most tax efficient way to structure the sale?
- How do you invest the proceeds of the sale?
- What will you do next in life?