Sell Your Business Quickly
Here are 5 ways to sell or exit your business quickly
Exit or Sell Your Business Quickly
You had a good run with your company and plenty of success. However, it seems that you are not ready to stick around anymore. Here are some of the ways how you can exit your business smoothly, but make sure to leave the company in safe hands.
Find an Interested Buyer
If you set your mind on selling the company, you should start looking for interested buyers. Keep in mind that this process may require a bit of time and patience.
Here are some things that you can do to prepare your company for sale:
Make sure that the business is profitable as it is easier to sell a company that guarantees a steady profit.
Call your accountant and review the finances. Make sure that there are no issues, and everything is clean.
Prepare a report with revenues and expenses over the last year. You can even go and prepare a financial projection for the upcoming period.
You can put up your business for sale in an online marketplace, or spread the word among the people you know in your industry. Depending on the attractiveness of your company, interested buyers should appear soon.
Offer the Business to Existing Staff
An alternative way of selling the company can be offering it to the existing staff. You may have managers, accountants, and other people working for you.
Ask them if they would be interested in taking over the business full-time because you want to exit. If they have the necessary resources and desire to buy you out, they will respond positively to your offer. That is a great way of selling the company, but ensuring that it is in the hands of someone who knows it inside and out.
Pass the Company to a Family Member or a Friend
If you think it is time for the next chapter in your career, how about offering the current company to a family member or friend? Find someone in your surroundings who is capable of doing a good job and maintaining a profitable business. If you believe they are the right choice, go ahead and pass the company to them, or hire them as CEOs while you remain the owner formally.
Find a Business Partner
If you can’t find a buyer to purchase your business, how about finding a partner? That may mean you won’t exit the company completely, but the partner may take over the areas you don’t want to handle anymore.
That is a great way to remain in the business while finding a new dose of motivation. Who knows, that may be the boost you need to take the company to the next level.
Initial Public Offering
While this may be an enticing option, keep in mind your company needs to be attractive enough for the public. Believe it or not, less than 0.01% of US companies are public. If you estimate that this can be the right move, it may be an excellent way to earn a lot of money.
Liquidation and Bankruptcy
Finally, you can also go with liquidation or bankruptcy. However, keep in mind that this means you will not only exit, but also close the business. That is why it is important to assess all your options and use this one as a final resort.
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