Exit Planning Frequently Asked Questions
When should I begin preparing my business for sale?
Experts say that business owners should begin preparing their business for sale the day they start the business! A wise owner will create an Exit Plan three to ten years in advance of selling the company. Doing so builds value in a company and gives the owner personal freedom to invest time in other priorities; time with God, family and friends. We never know when a business opportunity may come to us to sell our business; we want to be ready when it comes. Preparing a business for sale helps you to own the business, rather than the business to own you!
When is the best time to sell my business?
The best time to sell is when things are going well in your business; rising sales, profits and a positive forecast for the future. The time to sell is when you love the business; you don’t have to sell! You are in a position of strength.
How much time will it take to sell my business?
Many factors come into play regarding the length of time to find a buyer. They include; the price of your business, the type of business, your willingness to finance all or part of the purchase price and the market conditions. On average, it takes 9 to 18 months to find a buyer for a business. However our most recently sold businesses took less than six months to sell. Needless to say, establishing a fair price and offering better terms will reduce the time to sell your business.
How much is my business worth?
There are a number of factors that impact the value of your company; cash flow, asset values, financial history, condition of equipment and premises, competition, location, and the economy. Empire Business Brokers will work with you to understand the value and enhance the saleability of your business.
Why should I use Empire Business Brokers to prepare my business for sale?
Empire Business Brokers have been serving buyers and sellers of companies for over 24 years. Not only are we experts at exit planning and value enhancement, we are experts at selling businesses quickly for the top dollar. This provides a seamless service to the business owner who will eventually exit their business. You will appreciate a number of benefits offered by Empire:
- Exit Planning
- Family Business Advisement
- Business Coaching and Value Enhancement
- Buyers who have been interviewed and screened
- Pricing and financing knowledge
- 24 Years Experience
- Advertising & marketing experts
What should I do to maximize the purchase price and speed the sale of my business?
Begin to plan for your exit as early as possible, ideally within 3 to 10 years of your anticipated departure. You don’t necessarily have to exit at that time, but getting prepared will add value to your business, will make it more marketable and will help to ensure the future success of your business.
- Grow your business sales and profits. At the time of sale your business should have revenue and profit growth for 3 consecutive years.
- Hire an exit planning advisor to develop and deploy an exit plan.
- Develop a plan that will give you multiple exit options.
- Develop a team of individuals that will make the business successful after your departure.
- Become one of the largest companies of your type in your market.
- Maintain normal inventory levels.
- Keep the facilities clean and equipment in good repair.
- Provide us with all required information quickly.
For more information, contact us today: 864-241-0606 or click here to email us