There are many different reasons that a current Rochester, MN business owner may choose to sell. For some, it is a matter of wanting to go on to a new or different venture, while for others it may be simply the time to retire and enjoy life.
For some people, the decision to sell a business may not be as simple. There can be complex factors involved that create anxiety and tension around the decision. Ideally, just as when buying a business, a seller should take them time to consider the options, determine the personal and financial reasons the sale makes sense and then find a top broker to handle the sale.
To help you to understand if it is the right time to sell a business, there are some important considerations to think through. It is helpful to take the time to clearly understand your motivation or your desire to sell before putting your business on the market.
What is your Motivation?
For many business owners, the choice to sell a business is not specifically about the money, although that is often an underlying factor. Be honest with yourself and write down the pros of selling the business and then also list any cons you may see.
Sometimes the motivation may be health issues, a change in life such as a divorce or kids going off to college or even a change in the career of a spouse. In some situations, a small business may have originally set up to transfer to a child, but as the child grew to an adult his or her interest in the business decreased.
For some people in Rochester, MN, the desire to sell a business can also be related to burn-out with the company. This is particularly true for smaller businesses where the owner may wear multiple hats and spend most days and evenings simply keeping the business afloat and earning revenue.
What About After?
Having a plan about what will happen next after the sale is also important. Being a business owner may make it difficult to go back to being an employee for some people and considering what you will do in the future will help you to understand if a sale is the right thing.
Too often current business owners decide to sell a business without an exit plan in mind. They regret the decision to sell and may even end up buying back into the same industry.
Take the time to understand why it is important or a good time to sell your Rochester, MN business. Your business broker will typically ask these questions as well and then help you to plan a sale that will work for your needs, even if you may want to have ongoing involvement through the transition to the new buyer and beyond.