Early Questions and Planning Increases Chances of Success

When contemplating your retirement and the sale of your business, there are a myriad of questions to consider, that most business owners haven’t had to deal with before. The unknowns of the sale process itself, the business valuation, tax planning, legal documents, etc. can be daunting. The list of questions can be pretty intimidating.  With the shear volume of new things to consider, often some fundamental questions never get asked that are pretty important.  It is less stressful to consider these questions early in the process rather than while you’re reading through your first offer.  Also, planning for these unanswered questions at the front end increases the chances of a successful sale.    Examples of some of these questions are:

• How much money will I walk away with after all taxes and fees are paid?
• Will the sale net enough money to fund the rest of my life in the current or a better lifestyle? What if it doesn’t’?
• How will I be able to replace all the perks the business has been paying for?
• How will I spend all that free time once the business is sold?
• How will the sale affect my social life, community standing, and how others perceive me?
• Will I still feel fulfilled and challenged?
• What will happen to my employees and customers?

Jane Johnson and Kathleen Richardson-Mauro  have authored “Cashing Out of Your Business:  Your Last Great Deal.”, which addresses these and other questions, which may be helpful as your start to think about selling your business.

Transworld Business Advisors is here to help you from the first thoughts of preparing your business to sell through closing the transaction.  Give us a call to discuss your goals.