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This is a question all business owners will ask themselves at least once during their ownership. The best time to sell will differ from person to person, however it is likely to be when you come to a decision that it is more productive to invest both your time and money into something other than your current business. In order to make that decision you must understand that businesses sell for more when they are trading well, the economy is sound and finance is easy to obtain for potential purchasers.
If you do not have an exit strategy for when you plan to sell your business then you are less likely to have as successful of a sale as if you had a plan. Many business owners have been so heavily involved in their business for so many years that they simply cannot envisage what their life will be like after they sell, hence why hardly any business owners plan to leave their business at any time prior to natural retirement, yet circumstance and opportunity often overtake the best of plans.
Sometimes business owners can lose the energy, focus and passion that they had when growing it at the start. This will make running their business feel like a drag and can have a negative effect on the staff, therefore on the service and resulting in the downward trend of the business turnover. This is likely to be the most common reason for sale and at this point it is important to sell before the disinterest becomes detrimental to its value.
If, like many, you have become emotionally attached to what you’ve built, you will relish the idea of passing ownership to another true believer who will preserve your legacy. For small to medium sized businesses, interested parties might include customers, employees and acquaintances from the local community. For larger businesses and companies your purchaser may be someone with strong business acumen, from the industry, has had professional dealings with you before and is now looking to expand their portfolio.
If whilst reading this article you found yourself planning your exit strategy then you should consider advertising your business for sale as the current marketplace is buoyant, lending sources are active and your perfect purchaser is out there, you just haven’t met each other yet!
At Sovereign we run with a live database of pre-qualified and financially able buyers. We dominate local marketing campaigns, use international web adverts and have many success stories of quick sales in your surrounding area. We look forward to hearing from you with regards to your exit strategy and are happy to have a no-obligation discussion about what Sovereign can offer you. Call in confidence: 0161 436 1958.