Ready to sell your Tampa business? Timing is key when it comes to fostering a successful business. The hours of operation, the days of important sales, and even the times you post information to social media can help determine the ebb and flow of customer traffic. As a Tampa area business owner, you may have planned special promotions far in advance to coincide with holidays and popular sunbelt area events. Let’s talk about the best time to sell your Tampa business.
Is It Time?
As you move closer to retirement, you may also wonder about the best time to put your business up for sale. Whether you own a restaurant, a clothing or sports boutique, or a marketing agency, it’s important to generate interest in a sale when it benefits you. Speaking seasonally, there is no magic month or time of year that determines a quick sale, so you need to look at other factors.
The major signs to look for when thinking about selling your Tampa-area business to another entrepreneur include:
The current success of your business
How are sales right now? Are you receiving good reviews for products and customer service on Yelp and Google? Is foot traffic steady through operating hours? If you run a B2B, do you have a healthy client list? A potential buyer looks for these things when considering taking over a business. When you thrive, you’re showing a potential buyer that they have the opportunity to invest in a profitable venture.
If business is down or you are experiencing problems, it will be challenging to make a fair sale. It’s best first to address issues with sales and staff and improve your store or office’s overall value.
The current state of your particular industry
How niche is your business? Are the products you’re selling in high or steady demand? Are your services relevant to the community? Basically, is there an evergreen need what for what offer? A potential buyer for your business must be assured that when they take control, the customer base will remain strong.
Your ability to easily transition
Retirement is a common reason people decide to sell a business. It’s up to you to determine that you are at the proper point in your life that you can walk away and enjoy your free time or take up your next venture. Are you financially stable and capable of winding down your business affairs for a seamless hand-off to the next owner?
Sell Your Tampa Business
The health of your business, the community’s interest in your products and services, and your flexibility will help determine the right time to sell. If you feel this is soon, you need an honest appraisal of your agency or brick and mortar so you receive fair offers. Fill out this form for an accurate business appraisal and to learn more about Steve Van Leeuwen’s business broker services in Tampa and the Sunbelt area.