During this year of unprecedented challenges for businesses, many owners are asking whether now is the right time to sell. We understand the hardships but caution business owners about making a rushed decision to sell. Trying to sell a business without a plan or in a rush usually doesn’t produce a good outcome.
To make the most from selling a business, you need a plan. A deliberate and well-planned sale produces better results. Work with a business consultation to create a smart plan to sell your business. At Alliance Business Coaching, we help business owners position your business for a successful sales process.
Reasons to Sell a Business
Business owners all have unique reasons for wanting or needing to sell a business. However, we see a few common reasons.
- Life Challenges – Sometimes life throws us a curveball. Health issues, a move, divorce, caregiver needs and other life challenges can impact your need to sell.
- Receive a Strong Offer – If your business has grown in value and demand, you may receive an unsolicited offer. Another company may see the potential in your business. These types of offers might lead you to sell.
- Burnout – Running a business isn’t easy. Especially if you don’t delegate and find work-life balance, you can experience burnout. You may want to make a new career move and shift away from owning a business.
- Retirement – One of the most common reasons for selling a business is retirement. Start early to prepare your business for sell if you know you want to sell and retire.
When Not to Sell a Business
As we said, selling a business in a rush usually doesn’t produce a profit. In our current economically challenging times, selling a business may not work to your advantage. This is especially true if you don’t have the right support in place to position the sell for success.
When you have poor cash flow, it’s hard to find a buyer. Instead, it might prove wiser to take time to improve your cash flow before you try to sell. If that’s not an option, liquidating the business may produce better results.
Schedule a Business Valuation
Before you sell, you need to understand the true value of your business. Schedule a business valuation to get the information you need. At Alliance Business Coaching, we offer a business value assessment.
This process takes a deep dive into your business’s financials to offer a reliable appraisal. Information is power. Knowing the worth of your business empowers you to make smarter decisions.
Find the Support to Sell Your Business
You don’t have to navigate the complex process of selling a business on your own. Especially in uncertain times, you need someone on your side to offer helpful insights into your options.
We take a customized approach with each business to provide clear information and an unbiased view of your business. We work with you to understand your motives for selling your business. This combination of information allows us to present you with viable options to move forward with the support you need.
Contact Alliance Business Coaching to discuss how we can help you sell your business.