For the majority of business owners, they will need a formal transaction when exiting the business. This process applies whether they are selling to a family member or a third party. There are certain distinct variables when it comes to third-party transactions, and these include less control around the timing. According to a recent RSM Middle Market Leadership Council survey, out of the 34 percent of business owner respondents that had received a formal offer for their business, but 88 percent of these opted not to sell due to thinking it “wasn’t the right time.” So how do you know when it is the right time to sell? And once you’ve decided to sell, how do you strategize a succession plan in order to manage the process and receive the best benefit? If you’re looking up “business for sale Tampa” in order to figure out these questions, call Rockrose Realty Inc., a top business broker in the area today!
Your Plan To Sell
There are a number of things that you need to keep in mind when you make the decision to sell your business to a third party. The first thing that you need to think about is that you truly are operationally, emotionally, and financially ready to sell your business- both as an individual as well as a business owner. You will need to start thinking about these things early in the process, and you will need to revisit these issues regularly over the life of your business. It is necessary to plan ahead of time what after-tax proceeds you need on the sale to meet your estate planning, lifestyle, charitable, and other goals, as understanding the value of your business and how it can sustain your personal lifestyle is important to the transition process. Then, you will need to think of the specific strategic steps that you need to take in order to prepare your business for sale and earn maximum return on your investment, as well as know exactly what role, if you are planning to play any, that you want to play in the business following the sale.
A Succession Plan Is Important
As we noted above, there are many considerations to take when you are thinking of selling your business. This is why if you’re looking up “business for sale Tampa” in order to form a plan of succession, it may be wise to contact a business broker such as Rockrose Realty Inc. Being able to thoroughly answer these questions and meet all the considerations in a reasonable manner takes a significant amount of planning. Having a plan of succession and answering these questions will assist you in finding the right time to sell for your specific situation as well as evaluating potential buyers or offers. You may not be in the right position to take advantage of an attractive offer if you receive an offer, but have not performed sufficient planning. Life is not static, and even if you are not planning to sell in the near future, there are economic, personal, or other events that could force you to consider a sale on short notice. This is why it is essential for business owners to have plan in place to prepare for different scenarios.
Contact Us Today
Having a succession plan is important as a business owner. If you are looking up “business for sale Tampa” and thinking of what steps to take in order to sell your business, contact Rockrose Realty Inc. today.