Deciding to sell your business is undoubtedly one of the bigger moves you will make in life.
That said would it be a wise move to try and sell your company now or wait further down the road?
On the one hand, selling now could net you a good price. It can also allow you to move along to the next business venture in your life.
Looking at the flip side of the coin, selling now could have you miss out on some better returns as time goes by.
So, what will your decision be as you run it all through your mind?
Can You Get the Right Price if You Sell?
In thinking about the idea of selling your company, do you feel confident you can get the right price?
It is important to remember that you have put a lot of time, effort and money into the company over time. As such, the last thing you want to have happen is getting short-changed when selling.
So, do a thorough assessment of what the company’s true value is.
As you go looking at valuation methodologies and other key factors, take all the time needed.
In looking at your assets, liabilities and more, you want to come to a fair conclusion of the value of the company. You are in a better position at that point to put an asking price on the table.
Another key area of focus should be how your industry is doing these days.
If the industry has been doing well and trends state it should continue, then a sale would make more sense.
On the other side, if the industry has been having struggles and trends say it may continue, selling may be an issue. You in fact may put the brakes on such sales talk.
What is Your Company’s Reputation These Days?
While focusing on your industry, also think about your company reputation.
So, do you have a company reputation that is solid and you have little to no concerns about it? If this in fact is true, then trying to sell now makes more sense.
That said if the company reputation is in question, it can make it more difficult to get the company sold.
Be sure to look at the company’s online reputation. Is there anything on the Internet about your brand that should concern you? If so, do all you can to change that sooner than later.
Last, what might you have in store for your professional life should a sale go through?
You want to have thought that through so that you have the next step of your business life ready to go. That is should you sell and no longer own the company you have called yours for a while now.
While the hope is you have a lot of choices, do not go into a sale without too many questions of what comes next.
In opting to try and sell your company, will it be a wise move or one you look back at with some regret?