Some things shouldn’t be rushed. Selling a business is one of them. Speed kills—failing to take the time to prepare for and sell your business could cost you the very lifestyle you have worked so hard to build.
The rules of the business highway work to protect and benefit travelers in both directions—buyers as well as sellers—and sellers who ignore them, innocently or intentionally, usually end up losing time and money.
Spread the word. Business brokers are trained to sell businesses. And that's what they do!
What Not to Do When Selling Your Business
1. Fail to prepare for the life you want when you leave your business
What to do: Start thinking about the life you want once you leave your business. Will you have enough money for what you want to do next? What will it take to get you there? Our business is usually our largest asset. A professional appraisal will tell you what your business is worth now and its most probable selling price. But just as important to your planning, you also need to understand the amount you’ll net after adjustments and taxes.
A team of professionals (i.e. business broker, accountant, tax lawyer, wealth planner) can then help you build a roadmap for increasing the value of your business and taking advantage of tax strategies to maximize the proceeds of its sale.