Embracing Retirement and Selling: 4 Tips for a Smooth Transition

No one works forever. Regardless of how much you love your business, sooner or later you will have to step away. Owning a business can be very demanding. This fact can be doubly true for owner-operators of businesses. The simple fact is that you’ll have to embrace retirement at some point.

Most business owners have never sold a business before and may not know what to expect. The good news is that prospective buyers usually like the idea of buying an established business directly from a business owner. It is key, however, to do everything possible to make selling your business, as well as the transition period, as easy for a buyer as possible.

Prepping your business for sale has many diverse parts that need to be taken into consideration. Prospective buyers want to feel as though they will have a seamless transition, so it’s in your best interest to evaluate what steps you need to take to make the transition smooth.

You are the world’s greatest expert on your business. As a result, you are perfectly positioned to evaluate your business so as to ensure that it is both appealing to a prospective buyer and ready to sell. Let’s take a look at the steps you can take to ensure a smooth transition.

The Top 4 Transition Tips

1. Automate as many processes as possible.

In this way, prospective buyers are less likely to be intimidated by the level of work involved in owning a small business. The odds are good that many of your prospective buyers have never owned a business before. One of the best ways to not scare prospects away is to make owning and operating your business as streamlined as possible.

2. Work with your employees, key customers and vendors to ensure a smooth transition.

Anything that can cause a potential disruption may scare off prospective buyers. Put yourself in the shoes of prospective buyers and think about what may cause you concern if you were evaluating a business. Once you locate those areas of potential concern, do what you can start to remedy them well before placing your business on the market.

3. Pick out your “second-in-command” before you sell your business.

Having a competent and proven “right hand man or woman” that can step in and essentially operate your business is a very attractive asset to have in place when it comes time to sell your business.

4. Consider working with a business broker.

Brokers are expert in the art and craft of buying and selling businesses. They will be able to help you evaluate your business and address areas that need improvement so as to ensure a smooth transition.

Taking these steps will not just make your business easier to sell, but it will also shorten the amount of time it takes to sell. The last thing you want when you are ready to sell your business and retire is for the selling process to drag on forever.

Copyright: Business Brokerage Press

viewapart/BigStock.com

Businesses For Sale

Sell Your Business

Sell Your Business

When selling your business, you need to have an expert Business Broker. Trusting the sale of your business to anyone else could end up permanently damaging the value of your business. Confidentiality is of absolute importance in selling your business. Selling a business without anyone finding out your business is for sale requires a specialized skill; it is one that Jim Tharp Realty has perfected over decades. Since 1969, we have successfully sold over 1,000 businesses and that number grows every day.

Read More

Buy a Business

Buy a Business

Working with Jim Tharp Realty means you will have the elite in Business Brokering at your side, ensuring you the highest chance of successfully acquiring your dream business. We are dedicated to working with you every step of the way. With Jim Tharp Realty, you’ll have a guide to help you navigate the precarious process of buying a business. Regardless of whether you are a seasoned Buyer or this is your first business, we can help.

Read More

Join our email list to learn about our latest opportunities

We Respect your Email Privacy

Afilliations

 
 
Jim Tharp Realty is thinking about all of those affected by COVID-19. Visit our Resource Center for helpful information for businesses.Learn More
+ +