Times are tough and things are changing by the day, but you’ve got this. Whether you had plans to sell your business pre-pandemic or are considering doing so now due to the current economic environment, a win is still within reach. We just have to define what success means to you and recognize how the target may have moved from where it was previously.
Money vs. Time
Success always comes with compromise. For example, being successful in business might take away from family and leisure time. On the other hand, prioritizing family and leisure time, although a success in its own right, might make you less inclined to be a beast in growing your business.
Selling your business requires a compromise between money and time as well. If you want to sell for the highest price possible, you need to allow time, either to find the right buyer, increase your business’ value, or both. If you need to get out now, you might sacrifice sale price in order to sell and exit sooner. Either one is a win when you deliberately pursue it as such.
Your Number vs. Fair Market Value
If you have a number in mind that would make your business sale a win, that is a fast break. However, you may need to adjust your definition of the win to the compromise of money vs. time. Taking a lower sale price than you originally expected is a win when you know you did so because making the deal was more important to you than waiting for the highest possible sale price.
Don’t have a sale price in mind? Completely fine. Maybe the sale price isn’t a concern and you just want out. Perhaps you’re simply exploring the possibility of selling. In either case, we can sell your business for fair market value. That is, the price that an able buyer is ready to pay, which is ultimately the price that the market will bear. If that number won’t suffice, then we have discovered that you do need a certain amount of money for your win.
Liquidation Is Not a Loss
It can be humbling to consider winding down your business and selling off the assets—but remember that most businesses are never sold. The percentage of salable businesses is relatively small. If your business is struggling, profits are declining, or, again, you simply want out, liquidation becomes a seriously big win. It brings you fast cash with low risk, and lets you recharge for your next chapter.
Your Success Is Special
No matter what your win might be or how it might morph along the way, realize that you have succeeded to this point and will continue to succeed going forward. It isn’t possible to know what will happen next. It is possible to choose what you will do next. You will adapt. You will adjust. You will win. We’re here to help you get there.