Selling Your Business – When It’s Time and How to Do It

Article by Seth Murphy of

13 Jan 2023

Photo via Burst

Selling companies and moving on to better things is a natural part of entrepreneurship. As rewarding as it can be to own a company, it can get to the point where it’s not sustainable. In that case, one of the best things you can do for your entrepreneurial journey (and the business itself) is to pass it on to someone else.


If you’ve been flirting with the possibility of selling your business but are not sure where to start, you’ve come to the right place! Consider these fundamental tips on :


Look for the Signs


Suppose you are not entirely sure it’s time to sell your business; learn to recognize some clear indicators. For example, if you are burned out by what you do for your business or discover that there are more and more risks your company is facing, it is likely it could be time to pass it on.


Sometimes, positive developments can indicate that selling your business could be beneficial. If your life goals have changed, if you are nearing retirement age, or if your company has become more valuable than you ever expected, then selling it to the right buyer can be a common-sense solution.



Get Ready for the Sale


If you have determined that selling your business is the right thing to do, you must prepare yourself for the process. Start by boosting your company’s revenue and profit as much as possible, and make sure your bookkeeping is well-organised and maintained.


While you’re at it, be sure to resolve any legal or financial issues so that they don’t surface during due diligence. Here are some other steps to consider:


    • Intensify sales and growth.
    • Develop a SWOT analysis.
    • Promote your brand heavily through marketing and networking events.
    • Ensure your financial statements and reports are in order.
    • Brainstorm potential acquisitions and make a list.
    • Find technological improvements you can make, such as using an online invoice maker.
    • Evaluate all your business expenses to see what you can cut.
    • Make sure you are paying yourself.
    • To avoid any unwelcome surprises down the road, should you apply for a loan, make sure you’re familiar with your credit report.
    • If you plan to build or add to any structures, be sure to have a property survey conducted.



Start Courting Buyers


Next, it’s time to start finding the right buyer for your company. Understand the difference between the different types of buyers who might show interest. You will probably get the highest price from a strategic buyer who will buy your company to improve the financial situation of their own business.


On the other hand, a financial buyer will buy your business to enhance it and potentially sell it later. Then there is the operator buyer, which hopes to buy your company so that they can run it and build their income and life around it for the foreseeable future.


Potential buyers can come from any number of groups, including employees, suppliers, customers, competitors, investor groups, friends, etc. Look in the right places to find a buyer you are comfortable with. Networking in and outside of your business circle is a great way to start finding reputable buyers. But you could also benefit from accessing peer groups, industry organisations, and online listing services.



Pursue a Business Degree


Having a degree in business can help when it comes to establishing a reputation in your industry. But aside from the credentials, the process of earning a degree is an excellent way to gain valuable knowledge and skills that can help you make critical decisions throughout your entrepreneurial journey.


Look to an online degree program so that you can study while simultaneously running your business and living your life. Learning a trade can help prepare you for every step of selling your business.



Consult Professionals


Finally, consider working with a professional to ease your stress and make the whole business selling process smoother. If you think it could be time to sell your business, consider the information and advice above. There are many ways to go about the process. Preparing, knowing what you are looking for, and looking for the right places will go a long way in helping the process go smoothly and successfully. And remember to seek the proper professional assistance along the way!

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Article by Seth Murphy of - 13 Jan 2023


Seth first got into DIY projects to save money, but over time has developed a real passion for the hands-on aspect. He knows DIY can be intimidating so he created Papa DIY to share tips to help others with their own endeavours.