- Keiran Taylor
The age old issue when it comes to selling your business and the question on most vendors' lips is... When? When is the right time to sell my business to maximise its value and the chances of finding a buyer?
Many advisors will talk about market forces in the buyers sector, the availability of finance, the peak of the economic cycle or your businesses peak trading period, all of which are perfectly valid criteria to start answering this question, but few talk about lifestyle, or personal choice.
It is all too easy to for a business owner to allow the idea of a life changing business valuation delivered by someone on the sales team of a selling agent during a difficult trading period, to drive the decision to sell the business. But this decision is often taken without much thought to what happens, one Monday morning in the near future, when you wake up, after many years of driving to the business you've controlled and nurtured, without a plan for the day, or the week, or the next month, or the rest of your life.
Any answer to the question of when, must start with a plan for what happens after sale, the right time to sell must be... when you're ready to do something else. By starting here, all the other factors can be planned for.
Our strategy for anyone considering selling, starts with a plan for what next, after this we can assist you to prepare your business for sale before taking it to market. This would involve removing all obstacles from the path of the buyer, making the business efficient and lean, re-positioning it to be attractive to a funder and then drive sales performance up to the determined sale date to ensure the best possible outcome from the process.
At Penrose Business Brokers we believe that a balanced approach is what is needed to successfully sell your business. You must balance the desire to achieve the highest value with a strategy for the next phase of your life, balance the requirements of the funders and buyers with those of your own, for if your business is not attractive to a buyer and cannot be funded by a lender the chances of you successfully selling your business diminish.
To find out more about how Penrose Business Brokers can assist in preparing you and your business for a successful sale, please contact us for a FREE, no obligation consultation.
Senior Lead Advisor
Penrose Business Brokers