“A goal is a dream with a deadline.”Napoleon Hill
Selling a business is a difficult topic for many business owners. It is tough to understand options, know how the process works, or even what the first step should be. On top of that how to get a business listed and what the valuation should be are even more difficult topics. If an owner is selling to a family how can this be done to put the family member in a position to succeed but also unlock the value of the business that the current owner likely needs to retire on. This is part of the reason that only 30% of businesses are passed on to second generation. However, it is estimated that $40.6 trillion will change hands by 2052 as Baby Boomers pass their accumulated assets on to their heirs, part of this is business sales.
Our strategy to help business owners cut through all this confusion and complication is to first work with them to help them understand their personal and business objectives for a sale. We do this with a process where we help them to learn where they are at in the process and what is most important to them. Having this information allows us to start to prepare their business for sale. Our process to help understand business sale objective includes looking at items like:
- Define your motivation and sale urgency
- Define what you want to do after a sale
- Decide what you want for your business after a sale
- Prioritize your sale motivations using information from the first three steps by picking most important outcomes
While this is an important first step, we also strongly encourage business owners thinking about transitions or sales to have us help them understand how they can increase the value of their business. Additionally, if after understanding business sale objectives an owner wishes to move forward with the sale we encourage them to work with us to prepare their business for sale.
Contact us so we can assist you to understand the objectives and what is important to you as you look to transition or sell your business.