Selling a small business is a big step no matter how you look at the situation.
With that in mind, would you sense now to be a good time to move on from your business?
The reasons to move along could be to start something new, go work for someone, in need of a new challenge and more.
So, what steps should you take if the idea of moving on from all you have worked for seems the best thing to do?
Being Prepared for Change is Key
Given change can uproot many in different ways; you want to be as ready as possible for this type of change.
One of the keys to being able to prepare for such change is making sure the move will not have a negative impact. That would most notably be on your finances.
That said knowing the true value of your small business is key.
One of the ways to go about it if you have a Software as a Service (SaaS) operation is to do a SaaS valuation.
Note that the valuation allows you to dig deep into the value of your company. This makes it much easier when looking to sell to have a fair assessment of what it is worth.
The last thing you can afford to do is get taken for a ride. That is someone offers and you accept a much lower offer than the company is in fact worth.
Change in selling your small business also means what may come next for any employees you have under you.
Given they have worked hard for you over time; it is only fair that you are as upfront as possible with them. By leveling with the workers, it can help you avoid burning any bridges for one thing.
When you are sure that selling is the way you want to go, let the workers know this. In doing so, you give them some more time to find other work. If you plan to start another business, would you consider offering your current team jobs?
The change you are about to embark on can also mean you will be going to work for someone else.
With that thought in mind, would you be prepared to work for someone else?
While you do not have the pressure in working for one that you had making key decisions as an owner, it is still a change.
So, think about such a move and if you’d be comfortable being under the direction of someone else.
Is Retirement Possibly in the Cards?
Finally, what are the chances you are at a point in life where retirement is an option?
Yes, many people do make it to retirement down the road. As such, it is important to be prepared for the change that does come with it.
Being out of the workforce and not having to run a business or report to someone else is a change. It is critical to be financially prepared for this big adjustment.
Do you want to retire from full-time work but still keep your hand in the cookie jar so to speak? If yes, you may look to a part-time gig or even some consulting work.
In moving along from your small business, what is the likely outcome going to be?