Strategic Wealth Planning professionals have the expertise to guide and assist entrepreneurs to grow then sell a successful business.
There are two key questions each entrepreneur should ask: “How do I add value to my business?” and “When is the best time to sell my business?”
HOW DO I ADD VALUE TO MY BUSINESS?
To create a higher sale price for your business, an entrepreneur must consider the three primary elements of value and create a strategy for increasing value drivers in each one: the market place, business value drivers and your team of advisors.
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The Market Place – You cannot control the marketplace but you can use it to your advantage through careful timing.
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Increasing the value of your business through value drivers is where you as the entrepreneur have the most control over the sale price.
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Advisory Team. Two teams are often engaged to sell a company; an exit planning team and a transition team.
WHEN SHOULD I SELL MY BUSINESS?
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One part of this answer is “as soon as you can”. First consider the demographic avalanche that is coming down the pipeline as baby boomers retire.
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Personal reasons for selling your business could be a culmination of wanting to takes the chips off the table, reaching financial security or boredom.
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After weighing the demand cycle and personal reasons to exit your business, it is time to consider the business environment for a business sale.
