Being a business owner carries a lot of weight and responsibilities with it.
Having that thought in mind, do you have any intentions of moving on from your business soon?
If you look to go about moving on from your startup or a company you had bought a while back, know it is a big step.
That said it could be one of those choices you look back on as having made a wise decision.
Getting the Right Price at the Right Time
Given all the work that comes with a sale of a company, make sure you are as organized as possible.
When you may want to sell your company, being prepared is the key. If you look unprepared to potential buyers, it could stymie you from being able to sell.
Of course the key thing likely going through your head is the amount of money you can get for the company.
Start by taking a look at what comparable businesses to yours are selling for these days. This will give you a better sense of what it is you could get for your company.
You will want to have a firm grasp of what your company assets and liabilities are. Also look to see if you have any company legal issues that could hold up a possible sale.
Finally, you want to know examples of earnout structures as you go about trying to move on from the company.
Know that earnout structures play a key role. That is in how you structure the sale and end up getting as much as you can for your business.
At the end of the day, the right price and selling at the right time often comes down to homework and commonsense.
What Will Be the Next Move for You if the Company Sells?
If it all falls into place and you do make the sale, what might be next in the cards for you?
One thought is you would look to own another business. You may already own one or more other companies. The company you sell may be the one you were looking to move on from.
Another possibility could be going to work for someone else.
In you not being the owner, it can take a big weight off your shoulders. That is because someone else handles the all-important decisions to make a brand go.
Still another possibility depending on where you are at in life would be retirement.
For some people, they need to work to keep themselves busy and feeling good. For others, they are more than content to kick back after many years of working for themselves and/or others.
You might view retirement as being the best of both worlds.
While you are not responsible for running a company any longer, you might like to take on the role of a consultant. It could even be for the company you sell.
In deciding to move on from the business you have called your own, are you excited for the possibilities?