When you’re selling your business it is an exciting and often nerve-wracking time. There is a lot more to do than you might expect. As you’re creating your exit plan, consider the following questions.
1. Transition Time
Will you help the new owner acclimate to owning the company or will you wash your hands of the company once the payment has been made? Will you be available for questions? What documentation do you need to put together to help the new owner transition into owning and managing the business?
2. Customer Heads Up
Will you tell your customers that the company is changing hands? If you do tell them, do you tell them before or after the new owner takes possession? Will you help the customers adapt to the new owner or let the owner take it over?
3. Your Reputation/Starting Something New
If you’re starting a new venture, how will the sale of your old business impact your reputation? Will it be a negative or a positive? Are you staying in the same industry? If so, is there a potential conflict of interest?
4. Social Media Accounts
What will you do with your social media accounts that are dedicated to the business? Will you transition them to your new ventures or sell them along with your business? How will that transition impact your social media reputation?
5. Your Contractors and Employees
What will you tell your contactors and employees about the sale of your business? Will they stay with the new owner or move on with you and your new business? When will you tell your contractors and employees?
If you are interested in exploring a merger or sales opportunity, please contact me, I am always on the lookout. We can have a no obligation chat about your business to see if there’s a way for us to work together, or I can look into my contacts to see if I can connect you with anyone that would be better suited to help you.