When is the right time to sell your business?
by Arina Smith Business Development 12 December 2017
Creating a successful business takes hard work, time and dedication. For anyone who has started with a business plan and from that created a successful business, they will know how hard it is but how rewarding the benefits are in the long run. At times building a reputable and financially stable business can feel like an almost impossible task but by making sure the hard work and dedication never fades, you and your business partners will in turn see the hard work starting to pay off.
Creating your own business can feel like your baby. You’ve taken an idea and built it into a respectable brand that hopefully sees a healthy increase in ROI. For any business owner the main benefit they want to achieve is success and to be able to grow the company for years to come. Although the majority of business owners want to remain part of the company for as long as possible, there’s a chance that one day it will be time to move on and sell the business.
There are many reasons you may want to sell your business, whether it be time to retire, you’ve found a new venture or you simply don’t feel as committed as what you used to be. If you are considering the idea of selling your business then the following factors may help you find a potential buyer.
1. Do you stand out in your industry?
Whatever industry your business is in, there are probably hundreds of similar companies who offer the same services. It’s important that you have a skill or service that your competitors don’t have. Any potential buyers will want to know exactly what you offer and to be able to say you have a USP may put the buyer in a stronger position to make you an offer.
2. Seek professional advice
Selling a business can seem pretty daunting so it’s best to speak to a professional who can give you the guidance you need. There are a number of companies such as BCMS, who specialise in the selling of businesses and can show you how the process works. By seeking professional advice, you can be reassured that everything is being done correctly.
3. Is the economy stable?
Although it may seem obvious but if you’re thinking about selling your business, you need to look at what’s going on in today’s financial market. With the UK currently going through the process of Brexit, this may put potential buyers off the idea of investment as financially the future isn’t clear. If the economy isn’t the best it’s ever been, this doesn’t mean you won’t sell your business, it may just take longer.
Selling your business may not be a pleasant time so it’s important to do your research and speak to the right people in order to make the process run smoothly.
You cannot create a successful business without committing a lot of time and dedication to the process. You need to have a proper understanding of the industry, seek professional advice and look at the stability of the economy. Putting these three factors into consideration will make sure that you achieve your business goals.