Are you ready to sell your business?

Have you noticed certain changes in your business lately? Profits starting to plateau, the passion beginning to wane, the work/life balance out of whack, or the net income not making ends meet? It may be time to hand over the reins, but the question is. Are you ready to sell your business?

Saying goodbye to the business you’ve created and run for so many years can be a difficult situation to navigate. For many entrepreneurs and business owners, their business is their life; and whether they’re ready to sell their business can be a hard question.

Are you ready to sell your business?

There is an assortment of questions you should ask yourself when contemplating whether you are ready to sell your business. For many business owners, this is a topic we ponder when we hit a rough patch or a lull in business activity. However, when we dive deeper into the questions beneath the surface, we’re able to understand whether we’re truly ready to sell.

• Are you prepared to exit?

Do you have a detailed exit strategy (or succession plan) in place? Have you thought about your potential successors, the steps you need to take to make the sale happen smoothly, the parties involved, and what will happen to your team and existing client contracts and supplier agreements? There’s a lot to consider when constructing your succession plan, but lucky for you – we have written a blog with everything you need to know (click here to read all about exit strategies). It’s also very important to understand any possible Capital Gains Tax Implications on a sale, (consult with your Accountant) so that you can prepare the sale on either an asset or a share sale. 

• Can your business run smoothly without you?

One key consideration when asking whether you’re ready to sell your business is whether your business can function (and profit!) without you at the helm. If that isn’t currently possible, it’s time to start putting the measures in place to successfully step away from the wheel without any major disruptions to operations or profit.

• Are you in the best possible profit position?

Speaking of profit, is your business attractive enough to be sold at the price you’re after? The best way to determine this is to have your business professionally appraised by a qualified business broker. Understanding your achievable sale price in the current market will allow you to make any improvements possible over the next 6-12 months to be in the best possible profit position before listing your business for sale (ultimately giving you the best possible price when the business is sold).

• Are you mentally prepared?

As we mention in the introduction, selling your business can be a life-changing decision. Sometimes for the better, sometimes not. It’s important to consider whether you’re mentally prepared to sell your business and move on to the next chapter. Consider your options, next steps and support network. It’s important to have support at the ready when you transition from business owner into your next role.

• Do you have professional help at the ready?

Selling your business may be unfamiliar terrain, but that doesn’t mean it can’t run smoothly. With the right professionals on your team, you’ll be guided through your business sale journey seamlessly. Here at Core Business Brokers, we have over 85 years of collective experience in the industry and we know all there is to know about business sales.

If you’re considering your next steps, contact the team at Core Business Brokers today. Our extensive database of qualified buyers will showcase your business to the right people! Call the Sydney office to book your appointment today and have your questions answered. Call us on (02) 9413 2977, or email Roy at [email protected] or Rad at [email protected] 

Let’s explore your options together.