How Prepared Are You to Unload Your Company?
22 Aug 2020

How Prepared Are You to Unload Your Company?

Post by Rob Grasso

If the thought of selling your company has come to mind, how prepared will you be to follow through on this?

Selling a company is in fact a big step in one’s life. As such, it needs to be thoroughly thought out ahead of time.

So, are you thinking now is the time to sell?

Sell Your Company the Right Way

If selling your company is on the horizon, be sure to do it the right way.

For one, you need to have all your business affairs in order. The last thing you want or need are delays getting in the way of a potential sale.

This means you need to go about surviving due diligence during an acquisition.

That boils down to making sure your financial paperwork is in order. Nothing can slow up or even prevent a sale more than if finances are not properly accounted for.

Take the time to thoroughly go through your company finances. Look at assets, liabilities, any legal issues you may be dealing with, tax records and more.

At the end of the day, you want a clean financial record to put forth to prospective buyers.

Along with the importance of finances, what happens to the employees you have?

Are you going to ask a prospective buyer to make offers to some or all your workers? That would be that they have an opportunity to go work with the new employer.

Might you be thinking of starting up another business? If so, would your employees have the opportunity to transition to that company?

Last, are your employees in essence on their own? That is if you decide to sell and move on?

These are things you need to think about before putting your company on the market.

Knowing the Market Conditions

Before you even think of selling your company, it is important to have a good grasp of the market conditions.

For example, trying to sell when your market is struggling can mean obstacles.

That is why you want to have a good idea of the market and if a company such as yours is attractive to potential buyers.

You also should think about any sales you did in the past.

How smooth did they go? Were all your financial papers in order? Did the sale take a long time to go through or was it rather fast?

By learning from any such past experiences, you are in a better position to sell this time around.

Finally, what comes next for you if your company in fact is sold?

Among the potential options for you:

· Moving on to another company you have or will buy

· Going to work in corporate America for someone else

· Taking a break from the working world for a period of time

· Retiring from the working world for good

No matter which of those or other options you select, be sure to think things through ahead of time.

As you look to unload your company, how prepared will you be for what may well come next in your professional life?