None of us are going to work forever, even those who own their own business and love every second of it. At a certain point somewhere along the line, even the happiest business owners and operators will decide it’s time to retire.
At Utah Business Consultants, we’re here to help. We have business valuation and exit planning services to help you with every element of selling your business, and we can also help make the transition into retirement as seamless as possible for you and your family. Here are some basic tips we offer in this area.
In some cases, a factor that turns off prospective buyers to a new business is the level of work involved in acquiring and, perhaps more importantly, maintaining that business. The operating areas of a business can seem very daunting when they’re all listed on paper.
For this reason, you want to have as many automated processes as possible involved in your business when you’re selling it. Many of your potential buyers may have never owned a business before, and you’ll keep them comfortable by showing them all the streamlined ways by which your business runs itself.
Down similar lines, it’s highly beneficial to your sales pitch if you can leave prospective buyers with a knowledgeable front-person running the business. Before deciding to sell, pick out a trusted and proven “right hand” who will take over the operations side of things when you leave. This often sets buyers at ease, plus makes the actual transition for you much simpler – this person can handle some of the tasks and busywork associated with your sale.
Try to look at things from the perspective of a buyer – if you were evaluating a business for sale and saw several red flags, would you stay as interested? Probably not, so your goal as a seller is to eliminate these. Locate the primary areas of concern in your business before listing it for sale, then work on ways to plug these holes.
A business broker is the perfect entity to assist in these areas. They’re experts in buying and selling businesses, with specific skills for valuing the business and addressing big areas of need. Our brokers can help you learn how to sell a business and transition into retirement with ease.