Business Transitions: Build Your Team
Sellers: What to Expect
You’ve owned your business for many years and it’s provided you with a good quality of life. Perhaps you’ve raised a family, or perhaps it was a 2nd career endeavor. Regardless – you’ve poured your heart and soul into the business. Do you remember when you bought your first house or car. It’s a roller coaster! You get excited, then disappointed because your bid has been rejected, or there were too many issues with the home inspection. There are many variables and it’s the same with selling your business.
Build Your Team
Surrounding yourself with trusted professionals is very important. Selling a business has professional and personal financial impact. You may need a liquidity event that will contribute to your retirement. Or, you may need to provide seller financing to an ultimate buyer. Or, you may be in the unfortunate position where a buyer does not emerge and the business still has liabilities for which there are personal guarantees.
Below is a list of professionals you should consider.
- Realtor
- Attorney
- Accountant
- Financial Planner
- Business Broker
- Certified Business Valuation Analyst
- Therapist (major life changes can have serious mental health impact)
BDCC works with a wide variety of resources. We have a good list in each category, so please feel free to contact us. We won’t give you just one because the decision needs to be yours.
There can be costs associated with the preparation of selling a business. Costs can include professional services fees, preparing property – getting to those neglected projects, or paying down lingering debts. The point is – in some cases, it can take time. Some businesses will take a few years and focus on revenue growth in order to secure the greatest value for the business. You should think of selling the business as a 2-5 year project.
As mentioned in a previous post, BDCC is a great place to start, but a good list of resource providers can be found on this page.
