Prepare, prepare, prepare…
At some point in their journey, many entrepreneurs envision selling their business to capture the value of all their work over the years. They imagine spending more time with family, pursuing other interests, or even just buying that boat and sailing off into the sunset. However, selling your business is a comprehensive process that involves much more than simply making the decision to sell and finding a buyer to purchase the business.
To complete a sale of your business, careful planning, preparation, and execution will be required across various fronts. This is necessary not only to facilitate a smooth transaction process and ensure that a deal will close but also to preserve the legacy of what you have built, provide a future for your employees, and position your company for long-term success with new owners.
There are 3 aspects of preparation that need to be addressed when it comes to selling your business: financial, operational, and emotional.
FINANCIAL PREPARATION
Documentation: Before you begin the process of selling your business, make sure that your financial records are…