Are you ready to sell your business?
May 21, 2010 in Uncategorized
Selling your business is no doubt a tough decision to make. You take this step only when it is financially a very sound and profitable decision. How to assess this important factor when you get a great offer for your business?
The business is the major part of most business owners’ net worth. They often draw money from business account and use it for personal expenditures. Selling your business means no more access to business money and no more drawings. Now you should assess your financial readiness to sell your business by estimating the amount of money you need every year and comparing it with the sale price of the company. Can selling your business get you the money you need? If the answer is no, may be this is the wrong time to sell your business. You need to work harder for a few more years and build up business value to the desired level. However, if you still want to sell despite low sale price than you need, you can find some other money-making sources to bridge the gap between your post-sale money needs and money you get by selling the business.
You should hire professional wealth manager to evaluate your business worth and assess your post-sale needs. This will help you find out whether you can maintain a certain life style after selling your business.
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