There
are three main strategies business owners can (and should) use in order to
maximize the amount of money they put in their pockets when they sell their
companies.
Your business is your
livelihood. It may also be your family's source of revenue. So if you are
planning to sell the business, you will want to make the most of your sale …
not only for your future, but for your family's future too.
Since the business is such an
integral part of your personal wealth, and perhaps also of your family wealth,
planning time is time well invested. Thinking about, planning for, and knowing
when to pull the trigger on the sale is just good life-planning. It can be
tricky, too.
Forbes gave a few tidbits of wisdom on the topic of maximizing your
business sale and the ensuing wealth in a recent article titled “How Business Owners Maximize Personal Wealth
Selling Their Companies.” The article provides three steps worthy of consideration.
Essentially, you must plan to
put the business in the right place to be bought, plan to put the family and
yourself in the right place to sell, and plan to come to the negotiation table
ready to get what you need.
Because your business, your
family and your life goals are unique, be sure you “measure twice (at least)
and cut once” when it comes to this major event.
There are no mulligans you can
use once the ink is dry and the money has changed hands regarding your business
sale.
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Reference: Forbes
(October 1, 2013) “How Business Owners Maximize Personal Wealth
Selling Their Companies”