Unfortunately, our expectations can’t be fulfilled sometimes. Starting a business is often the easiest part of dealing with a business. Our business is often built with our own tears, sweat and sometimes, even blood. It could take a lifetime to establish our business and in finally, we may need to leave our business and move on. With so much energy, money and time invested, we may need to relinquish the fruits of our labor. All the money problem, business issues, workload and stress could take a toll on our health situation. There are times that it is finally the time to move on and start anew. Our business could be seen as a form investment asset that can be relinquished for a nominal amount of money. It is a good idea to sell our business when we are reaching our retirement year and there’s no one that could succeed us in running the business. In some cases, our fiercest competitor will be more than happy to purchase our business and absorb it into their own. Ideally, we should sell our business when it reaches the peak.
It is a bad idea to sell our business when it has just passed its peak or when it is failing. This will put us in a bad bargaining position. It could mean that we won’t be able to receive the expected price of purchase. It will also be difficult to negotiate about other essential items. The worst mistake when selling our business is that when it’s fuelled only by emotion. Obviously, emotion is an unavoidable factor when we are running our business. Our business could be like a child and it is difficult to control our action. It takes proper planning to build a successful business operation. We should also consider what’s the market is like. In a good economy, it is likely that we will be able to sell our business at a higher price. When there are more prospective buyers, we will also be able to get more money. The sale of business should positively affect our personal and financial situation. In many cases, people could finally achieve their financially freedom after selling their business. The effect could be quite huge, especially to our employees.
We should take to people around us about this potential sale. Employees will be those who are the most affected by the change. We may know many of them closely after working for decades with them. When we have a decision to move forward and sell our company, we should make sure that employees will be treated well and they won’t lose their jobs or have their benefits reduced. We should find consultants and experienced attorneys who will work with us to formulate a good strategy to transfer the ownership of our business. After a deliberate, careful soul-searching, we should find a strong motive and a conviction that the reason to sell our business is genuine. It means that, we won’t feel disappointed once we have sold our company.