December is a time for looking ahead.
What plans are you making for 2018?
According to this recent article from bizbuysell.com, a record number of businesses changed hands in the third quarter of 2017. Translation: buyers are actively seeking profitable businesses.
When a business owner is ready to retire or move on, there are two options: sell or close. Many business owners are under the impression that when they are ready to retire they must liquidate their inventory and equipment and simply shut down the business. This is a myth. When a business has been successful for some time, the good will (reputation + historic cash flow) of that company is also a valuable asset. The reputation of your company is something buyers will pay you for.
Once you make the decision to sell your business rather than close it, ask yourself the following questions to gauge your preparedness to sell.
Do you have management in place apart from yourself?
Do you have clearly defined and efficient operations?
Have you eliminated unnecessary expenses?
Do you have your accounting and bookkeeping in order?
Do you have a family member that is capable and trained to succeed you?
If you would like to discuss the preparedness of your business, we are here to help.
If you're interested in selling your business, acquiring a new business to expand your current one (including financing), or valuing your business, contact us via the form below so we can help you with your plans for the new year.