There are close to 32 million small businesses just in the United States. People open these businesses with a lot of enthusiasm and more than a little hope. Yet, even if a business is successful beyond your wildest dreams, the possibility of selling it is always somewhere on the horizon.
This holds as true for the St. Louis business owner as it does for the mom-and-pop grocery store in small-town America. So, if selling has been on your mind recently, keep reading for five things you should consider before you sell your St. Louis business.
1. Are You Ready To Sell?
Before any considerations of who you might sell it to, you must give some consideration to the question, “Am I ready to sell my business?” Selling your business is, in many ways, the nuclear option. It’s also the kind of thing that people start thinking about when they’re burned out.
So, get very honest with yourself about the situation? Do you want to sell or do you want a long vacation to recharge?
2. What Comes Next?
For some business owners, the question of what comes next is very straightforward. Some people want to retire. Some people see a new opportunity but know they can’t run the current business and pursue the opportunity.
So, after you ask if you’re ready to sell your business, ask yourself, “What comes next?” If you don’t have a clear answer, you should get clear before you sell.
3. Is It The Best Time?
Business values tend to fluctuate based on what’s happening with the economy. Some businesses thrive in a down economy, but most businesses thrive in a growth economy. While you might feel ready to sell, you can end up taking a big loss if you sell at the wrong time.
Make sure you think the sale is at the best time for it.
4. Who Will Buy It?
Selling a business also depends on the key question of who will buy it. If you know the person you plan on selling the business to, it’s easy. If you just want to sell to someone, it gets tricky.
Consider hiring a business broker as a kind of shepherd who can move the process along.
5. Are The Books In Order?
The books for a privately-owned business can get messy over the years. If you plan on selling, you must make sure that books are in order. Potential buyers will want to see those books as part of their due diligence.
Selling Your St. Louis Business
Selling your St. Louis Business — or any business — means getting a lot of mental and practical ducks in a row. On the mental side, you must make sure you are truly committed to selling and understand what you’ll do next.
On the practical side, you must judge the timing in terms of getting the best price. You must also find a buyer and get the books in order.
Looking for more tips on selling a business? Check out the posts in our Business section.