3 Key Decisions to Make Before Selling Your Business
It may seem as though these is a practically endless list of decisions to make before you sell your business. The more that you can think through the various aspects involved in advance, the better off you will be. Of course, many of these decisions are quite complicated and will impact not only the amount you receive for the sale, but also your future plans. Here are some questions to ask yourself beforehand to ensure that the process goes as smoothly as possible.
When you work with Inbar Group, an experienced business broker in Maine, New Jersey, Pennsylvania, New York, Connecticut, Rhode Island, or Massachusetts will assist you with these decisions and many others as well.
- Do you want to be involved in the sale?
Most of our Inbar Group clients are looking for our New Jersey, Pennsylvania, New York, Connecticut, Rhode Island, Maine, Massachusetts and New Haven business brokers to take as much work off their hands as possible. That lets them continue to focus on what they do best, namely, running their business.
But in some cases, business owners want to be more involved in the process. Keep in mind that if you do spend a significant amount of time managing the sale of your business, it could backfire as running your business itself may take a backseat. The truth is that it is essential that you keep your eye on the ball and ensure your business runs without any interruptions or decreases to your bottom line. Otherwise, it could raise a red flag for a potential buyer.
Our business brokers, of course, will value your input and need you for key decisions. We communicate constantly with sellers during the sales process. At the same time, we work hard to ensure that owners have the free time necessary to keep their business running smoothly.
- Are there details to work out with other decision makers?
Before making decisions on the plan for the sale, you will want to make sure that all the key decision makers are involved and approve of the terms of the sale. Sellers occasionally forget that they have a silent partner who must be included in the decision process. Or in some cases, other parties may own stock or have their names on a license. If this is the case, you’ll want to make sure you have approvals of every person who might be impacted by the sale.
- How important is confidentiality to you?
Hopefully, your answer to this question is “very important.” Unfortunately, when confidentiality is compromised, this can interfere with the sale of your business in a variety of ways. For example, your key vendors or customers may look to do business elsewhere. The good news is that at Inbar Group our New Jersey, Pennsylvania, New York, Connecticut, Rhode Island, Maine, Massachusetts and New Haven business brokers take confidentiality extremely seriously and have years of experience protecting our clients’ confidentiality.
If you are looking for a business broker in Maine, New Jersey, Pennsylvania, New York, Connecticut, Rhode Island, or Massachusetts, reach out to Inbar Group today. One of our professional and experienced business brokers will be happy to assist you.