Looking to exit your business?
Launching and scaling a business is both exciting and challenging. It’s far from easy so congrats for getting this far!
However, exiting your business is a challenge too – and it can go wrong very quickly if you don’t do the right things.
Now that you’ve made it this far, it’s essential you transition seamlessly onto your next project. So join us as we take a look at 3 smart ways to exit your business.
The most obvious way to exit a business is to sell it. But this is only really possible if your business is in good condition. In other words, it’s a few years old and profit and revenue is good. This will allow you to get the best possible deal, and it will also attract the right type of buyers.
To find out whether or not your business is saleable right now, the smart thing to do is to talk to experienced brokers (ahem…that’s us). They will help to price your business up, and they will also help you find buyers and negotiate a deal that’s fair for you. This will then allow you to move onto your next project with zero hassle (and money in the bank).
If you’ve got other projects in the pipeline and are no longer able to dedicate yourself 100% to your business both in terms of finances and time, an option at this point is to sell part of your business to an investor.
Selling a portion of your business to an investor is a smart move because it allows someone possessed with even more experience than you to help scale it and take it to the next level. Savvy, experienced investors can open new doors and find new opportunities that you may have missed.
Moreover, they’ll take on some of the financial burden and allow you to play a reduced role if this is something you’re currently interested in.
With this exit strategy, your business essentially merges with (or is purchased by) a business similar to yours in terms of its goals, niche and audience. Similar to selling part of your business to an investor, it’s a strategy that allows you more flexibility in terms of your time and commitment.
You could even take the option of completing walking away anytime you want, too.
Plus, merging allows you to negotiate how much you sell your business for, even if this process is typically time consuming. Moreover, your business might change beyond recognition, which is why it’s not always the safest option if you see your business as your “baby.”
These are 3 smart ways to exit your business. If you want a clean break and wish to move onto a new venture altogether, selling with a broker is the ideal option right now. However, you also have good alternatives in the form of selling part of your business to an investor, or merging it, should you still want to retain some level of involvement for the time being.
Ready to sell your business for the best possible price? Click below to get started. No obligation, no hard sell. Just solid, professional advice.