Selling a business is like running a marathon – it takes planning.
Like long-distance runners, owners who want to sell their business need to prepare their company for the big event. They will need to get through what could be a lengthy process with obstacles, emotions and the need for energy. They could even stumble and fall. And if they fall, they have to be able to get back up and get in the race.
Obtaining the advice of a business broker or M&A advisor as a “trainer” to help them prepare can make all the difference to get maximum value and make it to closing.
Alamo Corporate Group can help you through the process. Contact us for more information.
“I’m totally ready to sell, but my business isn’t!”
Owning a business is usually a very big part of the owner’s life. But over time, managing the business can take a toll on the owner. There are so many issues to take care of — employees, customers, products, services, equipment, leases, etc. And decreasing energy level can make it even harder to cope.
Even though most business owners know they will exit their business one day, many don’t do the planning necessary to create the maximum value to sell.
And when they are ready, it may be too late.
Selling a business can take more time than anticipated
It can takes months just to find a qualified buyer. Due diligence examination can create lots of questions where the answers are not readily available and will take time to produce. Obtaining any financing for the transaction and working with attorneys on the agreements will take additional time. And unfortunately, at some point, a buyer might walk away, and the process must be repeated to find that perfect buyer.
Business owners must recognize that selling their business can take many months and must be ready to go through that process. It’s time to start exit planning now!