All of your hard work building your business may someday lead to the question- how do I sell my business? Maybe you’re nowhere near thinking about exiting from your business, but planning ahead and knowing your options for selling your business only gives you more time to make sure you get what you’re worth. Whether retiring or moving on to a new venture, here are some tips on how to sell your business and make the process as smooth and profitable as possible.

Know Your Timeline

You may not be anywhere near ready to sell your business, but planning ahead will be your best bet to create a plan that accomplishes your goals. Even if you think it’s too early to have a succession plan, having time on your side is your best bet. Figuring out your goals and assembling the right team to help you through the process takes time and it’s better to start early instead of getting caught in an emergency situation. 

Know What Your Business is Worth

The key to starting the sale process of your business is knowing the value of your business. Having a professional valuation will help you to begin organizing your assets before moving forward with planning either for succession or selling your business. Before starting the process, you’ll need to organize your financial records and other business documents. Gathering your tax records, financial statements, property deeds, and other contracts, can seem daunting at first but having everything in one place will make the process much easier. Knowing the value of your business will help you plan or go into a deal confidently so you can get the most for the business you’ve worked so hard to build. 

Know Your Goals

Selling your business may be your plan for when the time comes to retire, or maybe you are moving on to something else. Once you decide it’s time to off load the business, what comes next and what do you need to get there? Are you planning to use the money from the sale to fund your retirement or your new venture? Thinking about your post sale goals can help you develop your plan to sell. 

Selling your business can be a lengthy process. No matter what stage you are in, we can help. If you are a business owner in Illinois or Wisconsin, let us help you with your succession planning. Contact us and let us help you figure out the best path for your business. 

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Disclaimer: This article is intended to serve as a general summary of the issues outlined therein. While this article may include general guidance, it is not intended as, nor is a substitute for, qualified legal advice. Your review or receipt of this article by Lexern Law Offices, Ltd. (the “LLG”) or any of its attorneys does not create an attorney-client relationship between you and the LLG. The opinions expressed in this article are those of the authors of the article and does not reflect the opinion of the LLG.