Although entrepreneurs may be geniuses at growing their business or company, business owners often don’t realize how much preparation is required or the complex issues involved in selling, says Rickertsen, managing partner at private equity firm Pine Creek Partners.
You must ask yourself a few questions: What is the business really worth? Where are the buyers? What are the pros and cons of selling to employees?
Rickertsen’s book—Sell Your Business Your Way—presents a guide to readying a company for sale, finding a buyer and structuring and closing the deal. He also explains how issues such as pretax margins, growth, future prospects, customer diversification and rival bidders can influence the sale.
Be aware of the “trade-off between getting as much money as possible and keeping the business intact,” says Rickertsen.
“Business owners must decide what they really want out of the sale. They must also consider what role, if any, they want in the business after the closing,” he said.
The new book comes out this month. It’s being published by Amacom.
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