Deciding to sell a business is a big decision. For most of our clients, it’s a once in a lifetime decision.
So, how do you know when it’s the right time to sell?
There is so much information readily available via a Google search or an AI chat bot. Is now a good time to sell a business? What multiples should I expect to achieve for my business in my industry.
The reality is it can be overwhelming, inaccurate and anxiety-causing.
Everyone has thoughts, ideas and input, which may or may not be accurate.
We’re here as a resource.
At BayState Business Brokers, we are here for all business owners of privately held businesses as they contemplate selling.
We find that business owners typically are in one of three phases with respect to selling their business.
1. PLANNING
These business owners are wisely looking ahead three to five years before they plan to execute a sale. They contact us to meet and discuss their business, and we are happy to consult with them (at no cost) as they gather information to help them plan. We can also refer advisors such as business consultants and outsourced CFOs to help them best prepare.
We have advised many business owners to help them drive value in their business, enabling them to leverage their runway to invest their time in areas that are of most interest to prospective buyers. This typically leads to a higher sale price and smoother process when the time comes to sell.
If you are looking ahead to planning for a sale in the coming years, we encourage you to reach out for a consultation. We offer decades of experience across industries and can be a valuable sounding board as you develop your plan.
2. THINKING
Business owners who are thinking of selling are typically not ready to sell yet, but they are spending more time thinking about it. They may feel themselves getting burnt out or yearning to join their peers who are spending more time travelling or with family. Challenging days become more frequent than good days, pushing the issue more each day. Owners who are thinking about selling may not have defined a timeline yet, therefore not describing themselves as READY to sell.
We welcome the opportunity to have a consultation and answer any questions about the process, about their business, about value drivers or any other questions to help those who are thinking about it gather the information that will help them decide whether they are more ready than they thought or want to wait.
3. READY
Business owners who describe themselves as ready have made up their minds and are ready to take action. They have reached out to us to list their business and are moving forward to make it happen. Until, sometimes they change their minds. They have doubts. They are unsure. Perhaps peers or colleagues or other family matters talk them out of it. It happens.
The right time to sell your business is when it feels right to you, or, when external factors may force the issue sooner than you expected. For those who have contacted us and listed their business and then changed their mind, we find that the owner was not mentally ready to let go or, didn’t take the time to properly prepare ahead of a sale.
You are not wasting our time by reaching out for a consultation to discuss your business, your thoughts and timeline to sell. We encourage you to reach out to us so we can answer your questions, describe the process that you will likely go through only once in your lifetime and help you assess what feels right to you. Not with Google or ChatGPT, or your neighbor down the street, but with an experienced advisor who has guided and advised many clients over the years.
Planning is a great way to give yourself the runway to drive value in advance of a sale.
Thinking is a great time to evaluate, speak with your business advisors and gather more information to help you decide if you are ready or not.
Being ready, including being mentally ready, offers clarity to take action and look ahead to the next part of your journey.
Whatever category you see yourself identifying with as a business owner, know that we are here to listen, talk about the market, your industry, the process and anything else you want to discuss. We’re here to help when you are ready to talk about selling your business whether that is three years from now or in the next six months.
Don’t go it alone.
Your Goals Fuel Our Passion.
