If you’re considering selling your business, you may be filled with uncertainties and doubt about the sale. You may have been doing some mental back-and-forth without coming to a conclusion, and that’s normal. It’s not meant to be an easy decision to make, and we understand that! So, before you make any decisions, ask yourself the following questions:
1. Is there a market for buyers for my company right now? Will there even be buyers if you choose to sell? Is your business an attractive investment for buyers? Is there a need for your company’s product or service that could sustain it even after you leave? Is your company’s brand competitive? Collect your tax returns from the past 2-5 years for buyers to study and make sure that the timing is right for your sale. We can help with that.
2. What’s next for me? You’ve put in so much time and effort to get your business to where it is today. No one knows more than you how much it had to take to get to this point. Many business owners understandably then have a hard time finding their next passion. Do you have another endeavor you want to pursue? A new career, a new business, perhaps even retirement? Whatever you do next, make sure that you are thinking about what will make you happy after the sale closes.
3. Where will I get my income? How will you financially get by after the sale? Will you continue to reap any benefits? Make sure that you are financially ready and that your future is sustainable after you leave the company. Meet with a financial advisor and schedule a consultation with us to ensure you’re as stable as possible after your exit.
4. Can the business still keep growing even without you at the helm? If your business is dependent on you and how you run things, you may want to consider staying on in a consulting capacity for the new owners for the first few months after the sale. This can help ease the transition to new management easier too.
5. Are there any loose ends? One thing you should consider before selling is whether or not your business has any foreseen and unforeseen liabilities that could cause a sale to go south. Do you have complete financial records? What debts does the business owe? What happens to the key employees that can and will keep the business running smoothly? Did you personally guarantee any contracts on behalf of the business?
In deciding whether or not you want to (or are ready) to sell the business, you need to ask yourself the above questions. However, you also need the help of a team of professionals to help guide you through the obstacles ahead. We at the Trembly Law Firm are seasoned at helping Florida businesses sell. Let us take the weight of the legal issues you may be facing off your shoulders. Call (305) 431-5678 or contact us to schedule a consultation!