We often meet business owners who have made an appointment to discuss selling their business without necessarily exploring their options. We like to start the conversation right at the beginning to make sure our strategy matches our clients needs.
Thoughts of selling a business can be triggered by a number of factors: a bad day at the office; need for extra resources in order to grow; retirement and succession planning; the wish to realise the value ('cash out') or simply the desire to do something new.
A short discussion over your ultimate aims helps me to see if your problems is best solved by selling, incentivising management, restructuring or seeking investment.
Even if selling is the ultimate goal, it may be that we need to focus on a growth strategy first in order to achieve the value you need.
In other words, to answer this question well, you need to start by clearly defining your future ambitions and wishes for life after your business.
It is then important to consider the context of the sale. Is it the right time and do you have time to spare to plan? What's going on in the local market? How is your sector shifting? How might the wider national and international economic and political climate affect you?
Once you are clear on these points, the 'when' and 'how' questions are usually a lot easier to answer and we can tailor a strategy to achieve your aims.
The 'should I sell' question is one I'd encourage you to ask yourself throughout your business career, even if you have no immediate plans to exit your business. The best sales are often the result of an exit plan created and developed months or even years in advance.
If you would like to have a chat about your business and your future ambition for it, why not get in touch?