Is it time to sell your Sarasota business? Perhaps you’re thinking of retirement after many decades of being your own boss. Maybe you feel you’ve topped out in your current business, too. You want to delve into another field, but need startup cash. Whatever the reason for selling, don’t expect to put up a sign in February and close the deal in March. Selling any type of business could take a while. Months, even years.
Selling a commercial interest is very different from selling a home. A house does not necessarily generate income, or accommodate hundreds of people every day. People who buy a home aren’t managing payroll or sales inventory for it. Responsibilities differ. If you intend to one day sell a company you created, you should plan the sale well before you’re ready for it. Here’s why:
Repairs
Leaky plumbing, wall cracks and other imperfections require repair. A prospective buyer will inspect every inch of your building. As they add up extra expenses in their heads, they might pass. New business owners want an easy turnkey operation. It’s up to you to have your business move-in ready.
Personnel
A solid relationship with your employees is key. Prospective business buyers want to take over a smooth operation. Most likely they will want to retain experienced staff. Therefore, it’s important to assure employees of their work security as the transition of power happens. Some workers may leave regardless, and the new owners may bring in people, but it’s good to have a core staff taking care of business.
Profits
Did you have an iffy year? Are there opportunities to rebound? Entrepreneurs may be skeptical of a business losing money. Even if an offer is made, it might be lower than what you want. Shore up your finances before you prepare to sell.
Hiring a Sarasota business broker is one way to ensure you sell your Sarasota business at the right time. Steve Van Leeuwen has decades of experience in commercial sales and he can help. Contact Steve today to learn more about how to properly put your business up for sale.