Living in New Jersey has provided the right conditions to build your business.
According to the New Jersey Department of State, the state ranks 11th for its number of small businesses. Whether retiring or ready for something new, the time may come to consider selling. The three keys below may help ensure you have a successful sale.
1. Determine worth
You build your business from the ground up, so it becomes easy to consider it your baby. Although you may see all the potential, you have to approach selling it like everything else. A successful sale requires focusing on the facts, which equates to the profit value of the business. A buyer will want all the numbers that point to a business’s current and future success.
2. Negotiate a deal
While you may have the know-how and experience to run a business, that does not equate to knowing the ins and outs of selling. From considering the impact on employees to intellectual property and more, the wrong deal may lead to the downfall of what you have built. Some buyers may want to simply absorb your company. Seeking outside help provides a great way to ensure you land on a deal that works for everyone.
3. Discuss the transition
Whether you have one or a hundred or more employees, keeping your lips sealed only works against you. By having open communication, you also set the stage for a smoother transition once the buyer takes hold.
As you start to plan for a sale, remember that it takes time. Use that time to plan accordingly.