Your Exit Journey
Written by the Qualinav Team
If you are like most business owners, you know someone that has sold their business. Perhaps you’ve begun to have conversations about selling yours. Maybe you have tried or are currently exploring the market. If you're like most business owners, you have not sold a business before, and while many have some ideas about what to expect, the path is not clear. Hiring advisors, lawyers, and perhaps outside consultants can be bewildering, and expensive. This says nothing about the cost of your time that would otherwise be spent on making customers and employees happy.
Selling your business can be a mysterious, confusing, distracting, and intimidating process. This says nothing about the expense. There are hundreds of investment brokers / investment bankers, accountants, lawyers, and others that want to be involved in the sale of your business. Different service levels, business models, costs, and, importantly, the degree of advisory expertise and experience determine your outcome.
The stakes are high. Selling your business happens only once and you want to achieve the best outcome possible.
Think Ahead: To get the best outcome, you need to be informed and realistic. You need a plan, and you need to understand a few things before starting the process to exit your business. Step one: define your goals…what determines success? From there, map out the process to achieve those goals. Only then can you start to think about what you can do to prepare yourself and your business for sale to achieve your desired outcome, which investment banker/broker and advisors to hire, how to negotiate your contract with your advisors, how long this process will (realistically) take and how much it will cost.
To achieve your goals and not leave it to chance, business owners should be intentional and informed about preparing themselves and their business for sale.