Ready to sell your business after years of being the boss? It’s finally time to retire, but unwinding yourself from a business you’ve spent building many years building isn’t easy. Or is it?
While there are many areas in which one needs to pay close attention to when making the transition from owning operating to a retiree, it doesn’t have to be a painful one.
So here’s what you need to do.
First, figure out what your company is worth. You want to highest price, but pricing too high will scare off any potential buyers. The simplest way is to look at all your assets versus your debts. Then you want to think about the future growth of your company, how much money do you expect to make in the few years? Also, research the competition, take a look at how much similar business have sold for in the last few months in your area.
If you’re feeling overwhelmed, reach out for help! Consult with a Financial Advisor or Business Broker who specializes in your industry. They can help evaluate your business and match you with the best buyer.
Remember to lay the groundwork for your exit. At some point, the business will have to run without you. Be sure to automate policies and procedures to ensure a smooth transition.
Knowing the business that you’ve worked so hard to build is in good hands will help you let go, and retire well.
Call our NPRS office to speak with our specialists today, 877-766-5757.