We read the wild success stories of entrepreneurs like Mark Zuckerberg starting a business in a dorm room and not too many years later becoming a multi billionaire. Certainly the grand scale of this type of success story gives us all pause to think about our own great ideas for a new product or expansion of an existing product. Before quitting your day job and committing your life savings to drive down the start up road to be the next billionaire, understand for every Mark there is road-kill littering the highway with failed startups. So, if you are sitting at your corporate desk job looking at the wall and thinking about a huge change, take time to look at existing businesses for sale.
The optimal time to sell is when the trajectory of your revenues and profits are going up. You want to sell when existing and new clients are banging down your door to buy your goods or services. Many owners rationalize not selling “at this time” because they are making money and writing off expenses to the business.
These are frustrating words no matter what the situation, and when you have made the major decision to sell the business you have worked at and built for many years, they certainly don’t instill confidence. The business broker you select to market and sell your business has to be willing to spend the necessary time to understand, package and market your business.
If you are considering selling a business at some point in the near future, it is important to get it into shape to reap the maximum return on your investment. Here are five strategies experts recommend. The best part: None of these will be wasted efforts if you reconsider selling, because all will make your business stronger.