Building successful businesses from the ground up gives owners senses of pride and accomplishment — and for good reason. However, there comes a time in every business owner’s life when he or she will have to decide what to do with his or her company upon retirement. For some owners in Michigan and elsewhere, the sale of business may be the answer.
Choosing to sell a business can be heart wrenching for some. The thought of turning over something that one has worked incredibly hard to build can be difficult on a number of levels, but, when an owner is ready for the next phase in life, though hard, letting go is often the right choice. Selling a business is, however, more than setting a price and waiting for an offer. There is more involved for a business owner to make a successful exit.
Trying to gain the maximum value for a business is certainly desirable, but that is difficult to achieve if an owner fails to properly plan. According to a recent report, numerous small business owners will end up walking away from their companies with far less than they hoped. Having a succession plan in place, along with evaluating company assets, will help in determining not only if selling is the right choice, but also the value of the business. Taking stock of a business as a whole and the transferability of a company will certainly help an owner to make a smooth exit.
The sale of business can be problematic, especially if succession planning is overlooked. Legal assistance is available to help create an achievable succession plan and put it into action when the time comes. It is possible for a small business owner in Michigan to make a successful exit from his or her company, having obtained the full value for his or her hard work and with appropriate legal protections in place, allowing him or her to enjoy retirement.
Source: The Huffington Post, “Planning to Sell Your Business? Here’s How to Get Maximum Value“, Mary Ellen Biery, April 30, 2015