When you start thinking about how you might want to leave your business, a few possibilities may come up. You might think about selling it and making some extra money. You might consider simply closing the doors and liquidating all of your assets.
There’s also the possibility that you could leave the business to someone else or merge the business with a new venture.
Another option if you have a partner is to sell your portion of the company to them or to another person. Let’s take a closer look at these options.
1. Selling your business
At first, this may sound like the most appealing option. After all, who doesn’t want one last influx of cash? However, this exit strategy actually takes quite a lot of work. In addition to positioning your business for a nice sales price, you may also want to make sure you’re customers are well taken care of.
This can require a substantial amount of documentation for the new owner along with a transition period where you hand over the business. And it may take longer than you imagine finding a buyer. There are definitely pros and cons to selling your business.
2. Liquidating your business
On the flip side of the coin is the somewhat easier approach of selling off your assets. Before you begin the closing process you can start paying yourself a larger salary and deplete your business savings.
You can sell off your content, your domain, and your other assets. Of course the downside to this is that you may not make as much money as selling your entire business and your customers may be left to fend for themselves.
3. Merging and repurposing your business
If you plan on moving on and starting a different business, there may be a way to merge your existing business into a new one. You may be able to repurpose the content and to use your existing systems and technologies.
For example, if you already have an account with AWeber, you wouldn’t need to get a new account and you may be able to transition your old email list to your new business.
This approach takes some careful thought. You want to make sure you’re making the most of your assets while keeping your new audience and customers in mind.
No single plan is the best answer for everyone. You’ll want to think about what your life might look like after your business and what your goals are for your business. No single plan is a breeze either. They require some strategic planning and action. It’s not uncommon for people to hire a team to help them pull their exit strategy together and to put it into action.
It’s most important when you’re selling your business to someone and want the process to go as smoothly as possible.
If you are interested in exploring a merger or sales opportunity, please contact me, I am always on the lookout. We can have an 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.