Have you been entertaining thoughts of selling your business? Many business owners keep that thought in the back of their head. But if you don’t need the money, why should you sell?
Possible reasons include that you’ve gotten a good offer, you’re ready to retire, you are tired of the risk or you feel it’s time for a change. Or, if you have a family business, there may not be a family member interested in taking over. Whatever the reason you have to explore the option of selling, you’ll want to enlist the right team to value your company correctly and help you make the right decision to get the best price.
Maybe the concept to start your business was entirely your own. But you didn’t build a successful business by yourself — you had a team that most likely included lawyers, CPAs, investors, salespeople and your employees. When it’s time to sell, don’t try to do it alone. It’s time to build another team — one that will ensure you get the outcome you desire.
You would definitely want to include your lawyer, accountant, and an expert on the tax ramifications of the sale. Also consider adding a business consultant, even if you’ve never used one before.
Acquisitions is one of our areas of expertise at GlassRatner. We guide our clients through a process that begins with valuing the company, preparing and presenting the company to the marketplace, weighing offers from potential purchasers while balancing the objectives of stakeholders, and closing with the best possible purchase for that client.
We also work with distressed companies that may have filed or need to file for bankruptcy and need a quick sale.
Whatever your reason for selling, make sure to build the right team for the best possible outcome. It took a team to get where you are, and it will take another one to create a lucrative exit.
For more information on selling a business, please see “5 Mistakes to Avoid When Selling a Business.”