There are several reasons that can lead you to want to sell your company (retirement, other higher priority businesses, lack of profitability, lack of time), but these tips are valid in all situations. If you have thought about selling your business, this reading may interest you.

Prepare the sale:

Before deciding to sell your business, you need to think deeply about your motives and goals. Just like when you created or bought the business, it cannot be launched lightly. Remember that an investor acts with caution, and any doubt or imprecision that he feels about the operation could scare him away. Being transparent and clear about your motivations, goals, and figures will help you.

Do not sell directly:

You cannot maintain the confidentiality necessary for the sale if you carry it personally. In addition, a company that represents you will have a more objective view of the transaction will give more credibility to your data and will have the necessary technical knowledge.

Nowadays, there are many online business-selling platforms that you could use to safely list and sell your business online. ExitAdviser is among them, this platforms allow users to list their business and services and sell them.

Maintain confidentiality:

A sale transaction has to be kept completely secret until its complete completion. Knowing that a company is for sale implies many risks for your business (employee concern, the image of weakness, the uncertainty of your suppliers, and customers) and it is not worth taking them.

Lean on your team:

At least one person in the company (the one who considers his second onboard), has to know the situation since this person will continue with the new owner and will be key to an optimal transition. It is preferable to involve her and convince her of the interest of the operation.

Be transparent and available:

The company that will represent and advise you in the sale must clearly know all the relevant information. Likewise, nothing important can be hidden from the buyer. Be clear about your company's weaknesses, strengths, opportunities, and risks. If you know of liability or risk that could come to light in the future, it is better to comment, explain, and justify it before selling than to have a painful legal process in the future.

The price of tranquility:

It is your business, and you will have very definite financial claims about how much you want to charge for your sale. However, you must not forget to put yourself in the buyer's shoes. Would you be willing to pay this price if you bought the company? Listen to the opinion of the company that advises you, which already has the experience of many sales and a more impartial vision.

And finally, don't forget that there is a price for peace of mind. The more money you ask for, the more demanding the buyer will become and the more likely there will be clauses conditioned on future events. If you want to forget about further adjustments or demands, it is sometimes better to be less picky about the price.

Sell or bequeath to the family?

Many businesses are family-owned. In some cases, they have been around for more than a generation and many family members work for the company. For sentimental or family reasons, an owner who wants to leave the activity may want to bequeath the company to her children.

It is very difficult for a father to ask himself if his children are qualified to continue with the company, but it is a question that has to be asked. In addition, wanting to bequeath the company to family members can have very significant tax impacts, and it is advisable to study all the avenues.

Optimize the transition

The transition will depend a lot on your management style. If he was behind each one to decide on any matter, or if on the contrary, he delegated decisions widely to his collaborators, it will affect the transition. In the first case, you will have to be available for a long time after the sale to help, and in the second, the transition will be very fast.

It is important that your role after the sale is clearly defined in the transaction.

Prepare for later

A company is like a child for many, and even if you have made the decision to sell it, the separation can be delicate if you are not prepared, and more so in the case of retiring and leaving being an entrepreneur. Just as an employee has to prepare for retirement, an entrepreneur has to prepare to live without his company.