People buy and sell businesses every day. At a first glance, it seems like a standard transaction, the subject of which is your business. You put it on the market, you advertise it, and you wait for the right buyer to pay you the right price. It seems really easy, right? Well, it can definitely be a lot easier thanks to #SellSavvy and companies such as BCMS that offer their expertise and knowledge in this sort of transaction.
One thing that many people might not consider carefully before putting their business on the market is the fact that they might be emotionally attached to their company, especially if they were the ones who started it. Of course, selling a business you might not always be able to run might be a good idea regardless of how attached you are to it. If, for example, handling your business is too much for you, or if you look at the numbers and you see that it is no longer profitable or it has never been profitable in the first place, selling it to somebody more knowledgeable might seem like a good idea.
Whenever you want to sell your business, you might want to ask yourself the following questions:
1. Are you able to handle the sale on your own, or would you benefit from an experienced broker? From my experience, very few business owners have what it takes in order to complete the sale on their own. Buying or selling a business can be a rather daunting task that is best left in the hands of somebody who has the right expertise to do so.
2. Do you have the right system in place if you are attached to your business? Very often, your family or friends are your best bet when it comes to dealing with this sort of thing. They will be able to understand you since they saw you through the whole process from beginning to the end.
3.How will selling your business benefit you? If your business has been a burden to you, you might feel liberated. Somebody else than you might be able to steer it in the right direction, and you shouldn’t feel sad that you are selling something that is not working out for you.