These are some questions you are going to want to answer if you are thinking of selling your business yourself.
Business owners are often uncertain as to whether they should attempt to sell their business themselves or hire a banker to manage the process. On one hand, the business owner looks at the process of selling a business and may think that the skills that they have used to build and market their business and products are the same as those necessary to sell the business. On the other hand, having a banker run and complete the sale sounds expensive. If you’re wondering where to start in your decision making process, take the time to honestly answer the following questions. Some of the answers may be easy, some a little harder, but if at the end of the process you have not arrived a clear set of answers then it’s time to meet with a couple of bankers.
- What experience do I have in selling a business? It’s important to understand that selling a business is not like selling a house.
- What is my business worth and how do I support my view on valuation?
- Who is going to acquire my business?
- How long will it take to sell my business? Do I fully understand the time and resources it will take for me to sell the business?
- Can I operate my business, look for a buyer, and manage the entire sale process at the same time?
- Am I a good negotiator?