Lewis Chamberlain: Preparing for selling a business » Redding Record Searchlight

Have you created a company that someone wants to buy? Your children won’t necessarily want to take over your business, so an exit strategy is essential to getting the outcome you want.

You must prepare your firm for the transition — and you must be prepared as well.

When should the planning begin? Think five years away from the date of sale — at least. You could even start 10 years before.

Readying yourself. Have you thought about what your life will be like after selling the business? If you have what amounts to a lifestyle company, to what degree has it paid your personal expenses? Can you arrange new income streams to replace the business income? A personal needs analysis may help you estimate how much money you will need to keep living well.

Readying the business. Look at your company and its immediate rivals. How attractive is it in comparison? What do you think it is worth?

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For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.