When you started your company, your personal goals probably aligned closely with your business goals.
But perhaps that alignment isn’t so strong anymore, and you may be seriously considering selling your business.
There are many reasons to do so. Perhaps you’ve envisioned turning the business over to your children, but they’re not interested. Or maybe it’s time to retire and enjoy the assets you’ve accumulated. Or you may have that itch to move from running a mature business to creating a brand new start-up.
Another option to consider is to sell your business, but remain as a senior leader, advisor, or consultant – either on a full-time or part-time basis. Given your existing relationship with suppliers, customers, and key employees, such an arrangement can actually increase the value of your business. Potential buyers could pay more for your business if you agree to stay on because it reduces their risk and lessens disruption.
Whatever your reasons, think carefully. The sale of your company represents a significant one-time event, with no “do-overs.” Selling your business comes with many benefits, of course, but there are some pitfalls to consider.