There are so many reasons you might want to step back from your company – and there are plenty of options, too. The obvious exit strategy is to sell the business through a business broker or similar. But that’s far from your only choice. You might like to consider other possibilities.
This is the third in my series of options for stepping back from your business:
Closing down the business
Not every business is saleable as a going concern. One-person owner-operator businesses are notoriously hard to value and sell. For some business owners it will be easier and less stressful to sell the assets individually, and possibly the customer database, to other owner-operators or small businesses in the same field.
This can be a great way to get a cash injection to set you up for retirement or the next adventure. One of the most important factors is to maximise this cash by ensuring you meet all your tax obligations without paying more than you need to. In the past I’ve worked with lots of business owners in this position and the right advice can put thousands, or even hundreds of thousands, of extra dollars into your pocket.
Aside from the financial aspect, you have probably spent many years building strong customer relationships. If you can pass your customers onto someone else in the industry whose work you trust, you can boost that person’s business while doing your best to see your customers get the level of service they’re accustomed to.
However you want to transition your business, it starts with planning and good advice. Give me a call if you want to talk.
Looking for more options for selling your business? Read earlier blogs in this series at my succession planning blog.