There’s an old saying that there are only three times to sell your business: when you want to sell, when you have to sell, and when they’re settling your estate. It’s a simple statement, but it really does drive the point home nicely and succinctly: if given the choice, there is only one of these three options that work out for you.
When You Want To Sell: This is the best position to be in. It’s important that you sell your business when it, and the industry, are in an upswing. Doing so can get you multiples of current valuation, so at your first thought of selling make sure to contact us for a free feasibility analysis.
When You Have To Sell: This is perhaps the saddest scenario of them all. Certainly, businesses fail every day, and we can at least respect the person who tried.
What’s truly sad is when someone has to sell a business because the business is past its prime, or, more likely, the entire industry is past it’s prime. If you have an inclination that your industry is on the decline — such as owning a video store or travel agency around 2008 — come in so that we can help you exit the industry gracefully and, more importantly, before everyone else!
When They’re Settling Your Estate: If your business is everything to you and you die without selling it to an outside buyer, then who are we to tell you that you’ve made the wrong decision? But if you’ve died without finding the optimal way to pass it along to your heirs, you might be doing them a disservice. Talk with tax people and an M&A specialist like us to find out how best to transfer your business to those who will inherit it.
Don’t take the last two paths…when you have the idea to sell your business, be in that first category and give us a call. We’ll make sure to do everything we can to get you the most for your business.