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There are many reasons small business owners seek an exit from their businesses. Retirement, health concerns, simply seeking something new or other circumstances are just a few of the most common reasons. The ideal exit is to sell the business and pocket the cash. As a small business owner, you may be considering an exit and wonder if selling your business is a good option. If you have a strong emotional attachment to your company, it may be hard to look at the decision objectively.
As a business owner, you might find yourself walking on a fine line between full transparency and divulging too much information to your employees about the exit. Employees may be suspicious of what’s happening behind closed doors and begin to ask if current conversations will affect them.
Traditional banks are one source of financing when a small business owner is selling a business. But when you dig into the numbers, this is less true when the business is worth less than $3,000,000.
Planning to sell your business can seem to be overwhelming. How much is the business worth? Who will buy the business? What happens to my employees? When should I sell the business? Well, there is no definite selling season that every company abides by.
Preparing to sell your business can be an emotional rollercoaster ride, and the last thing you may consider during this time is selling your business to a competitor.
Ideally, as an owner, you want to ensure your business is not undervalued when the time comes to exit the business while a buyer doesn’t want to pay an inflated price. To achieve this, comparables are an excellent way to estimate the fair market value of your business.
Due diligence is the process where the buyer has an unveiled look at the business you’re selling to investigate it from the inside so that they can make an objective decision about your business, and make a buying decision or not.
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