You may have reached a point where it makes sense to think about selling your business. This can be a challenging process, with many emotional ramifications as well as practical concerns. Once you have decided to sell, you need total commitment.
There are many factors that contribute to the success of your business sale. Entrepreneur Magazine describes some of those that are within your control.
Decide when you can sell
To turn a profit on your business, you should sell when your revenue shows growth from month to month. There is not necessarily a specific dollar figure you should reach before you know it is time to sell; a lot depends on the size and scope of your business. Ultimately, you need to decide on a benchmark that tells you it is time to sell, whether that be a certain amount of profit, market indicators, etc.
Hone your negotiating skill
Selling a business involves many complicated conversations, not only with potential buyers but with enterprise businesses and brokers as well. Effective negotiation is a skill that you may already have developed through the years of running your business, but you might want to brush up on it prior to the sale.
Knowing the value of your business can improve your negotiating position. If you are confident in what your business is worth, it will be harder for potential buyers to persuade you to accept low-ball offers.
Train your employees
Making sure that your employees have the necessary training and resources to do their jobs well with or without you benefits everyone. It adds to the value of your business, making it more attractive to buyers. It may help employees keep their jobs when the new owners take possession. It also allows you to leave the day-to-day operation up to your employees, leaving you available to concentrate on the details of the sale.