Ask Yourself These Questions Before Selling Your Colorado Business
- Why should I sell my business? What are your reasons? Burnout? Stress? Too much responsibility? Age/retirement? Medical reasons? Problems with a family member? Or do I just want to do something else after all these years?
- When should I sell my business? When will I know when it’s the right time to step aside?
- If I should sell my business I want the highest price and strongest buyer, but I should also want the sale to be completed quickly and quietly. How can I avoid the stress and chaos some business sellers encounter?
- What is my business currently worth, especially given the turbulent market and economy?
- Most business owners are happy to sell if the price and terms of sale are agreeable. What am I looking for? If I can get what I am asking the next year or two, should I sell my Colorado business?
- How do I get an accurate business valuation given volatile market conditions?
- Have I taken the company as far as I can, and do I think someone else may be better suited to grow it going forward?
- How many months or years does it take to properly prepare business for sale for maximum value?
- If I want to sell/transfer in the next 1-3 years, exactly what steps should I take today to properly plan for the day I actually sell my business?
- What are the “value drivers” for my industry and how do you maximize them for the disposition of your business?
- They say I should look at my business ‘though the eyes of the buyer” since they are making the offer. How do I do this?
- How do I sell my business or transfer it to a family member without making the process a cumbersome fiasco?
- How should I structure the ownership transition so as to minimize my tax consequence?
- They say they are raising the taxes on the sale or transfer of a business. What are they raising the tax rate to and when will it kick in?
- Should I sell my business to an outside party, or transfer it to a family member or key employee(s)
- If I transition the business to one of my kids, how do I create the liquidity for other children to ensure everyone is treated fairly and I don’t leave a legacy of conflict and regret?
- Would any of my children be fully capable of running my business the way I have run the business over the years?
- Will they have what it takes to grow it and still pay me the agreed-upon monthly payments from free cash flow?
- What is the difference between pre-sale planning, business continuation planning, and succession planning?
- How do I sell my business and keep it 100% confidential?
- What will happen to my employees after I sell the business?
- What kind of buyer is best for my business from an operations standpoint?
- How do I create a competitive bidding situation for a business so I get the best deal overall?
- What is the difference between a strategic buyer, financial buyer, and an operational buyer and who will pay the highest price and best terms for my business?
- What should I do with unsolicited buyer or broker calls that come my way? Should I take these offers serious?
- Can I sell my business myself without a broker or intermediary? What are the pros and cons?
- What does Pre-Sale planning mean and how critical is it?
- At what point do I tell employees, vendors and customers that I plan to sell my business?
- Do I need a broker, consultant, CPA or attorney to prepare a business for sale or transfer?
- Do brokers or consultants charge up-front fees for business transition and pre-sale planning advice?
- What is best, an “Asset or Stock” sale from a tax and liability standpoint?
- If I have to carry a portion of the sales price, how can I best protect myself to ensure you get all your payments?
- I have heard about buyers running the business into the ground and leaving the previous owner with a mess and no more payments from the promissory note. How do I prevent this possibility?
- How do I allow a buyer to conduct due diligence without it consuming a lot of time, and risk breaching confidentiality?
- What are the planning steps to positioning the business for sale?
- Should I use a business broker, mergers and acquisition firm, or just list it on the internet/newspaper?
- How long can the sales process take to complete once I decide to sell?
- How long will I be expected to stay on and train the new owner? Will I typically get paid for this? Perhaps the new owner will want you to stay on in some form of partnership role after the sale?
- How can I participate in the up-side growth of the business after the sale if I sold all the company stock?
- What would I do if I did sell my business today or transition the business to another family member? Would this be comfortable for me? My spouse?