If running the notion of selling your company through your mind, the first thing to know is would one buy it.
For one reason or another, your company may or may not be attractive to potential buyers. That said knowing the value and popularity of your company before putting it on the market is key.
So, what might make your company worth a lot to a prospective buyer?
Do You Have Your Financial House in Order?
In thinking about putting your company on the market, be sure that your financial house in order.
If your company looks shaky to prospects, odds are many of them will go looking elsewhere for a business to buy.
That said you want to have a firm grasp of what your company assets and liabilities are. If your company does have sizable financial issues, would a buyer consider taking them on?
There is of course the possibility they are so interested in the company that they will take on such debt. On the flip side of the coin, you can likely expect to get less money for your company as a result.
This is why it is important to know how to value a startup. You want your startup to appear as attractive to prospects as it can.
Another key focal point is to look at how organized your company is should you decide to put it on the market.
Know that not too many people are going to go after a company they view as being unorganized among other things.
So, your goal is to have all your paperwork in place to start. If a prospect has a question about your company and its organization, you need to answer it.
It is key to remember that one too many pieces of missing or incorrect paperwork and more can derail a sale.
Will Employees Be Affected By a Sale?
If you do look to sell, how valuable are any employees you have to the company?
Your employees if you have them can be one of the most valuable assets you have. That said you want to keep your workers in the loop from start to finish of any potential sale. Not doing so is a disservice to them among other things.
At the end of the day, remember how much time and effort your workers have put into trying to make you a success. In return, you at least owe them the respect of not leaving them in the dark on a potential sale.
Finally, you need to have your next move in mind should the company sale go through.
Would you own another business or do you do so now? Could you see yourself working for another individual? Not having the pressure of running a company all your own may appeal to you.
Last, any chance you are at a point in life now where retirement could be in the cards?
Think things through so you have your next move lined up.
If you think your company is worth buying, are you excited about the prospects?