When business owners take these three sets of actions, they’re strongly positioning themselves to not only get the best price for their companies, but to also make certain they and their families become as wealthy as possible. Unfortunately, not all that many business owners are taking these actions.
It is so easy to pour your life into the business. You may even regard the business as your life, especially if you love the work and it is a family business to boot. Unfortunately, for many a business owner the life after the business seldom gets the attention and planning it requires.
If you might wish to sell your business in the future for the good of your future life, then there is much planning to do even now.
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.
Reference: Forbes (October 1, 2013) “How Business Owners Maximize Personal Wealth Selling Their Companies”