Often, a lucrative business opportunity comes along but doesn't work out because the business owner hasn't adequately prepared by building a sales strategy, creating a tax plan, streamlining finances and making provisions for the partners or family members involved.
Selling a business can create a unique liquidity event and have a substantial impact on taxes, cash flow, wealth-transfer plans and an owner's lifestyle.
To help you potentially maximize the value of a sales deal and keep your assets protected, put a strategic plan in place before any paperwork is signed.
Business owners should consider their time frame for selling the business as well as the market.
Have a succession plan at least three years in advance to give you time to get your business in order and be ready for opportunities that arise.
Consider taking the following steps to prepare for the sale of your business:
