Assessment Results
Need More Information
WE NEED A BIT MORE INFORMATION BEFORE DETERMINING YOUR READINESS
Some of your answers indicate you might be ready to sell…and some would indicate you’re not quite ready. We need some more information from you in order to help make that decision.
We have your contact information and will be in touch with you soon to ask some follow-up questions.
Some of your answers indicate you might be ready to sell…and some would indicate you’re not quite ready. We need some more information from you in order to help make that decision.
We have your contact information and will be in touch with you soon to ask some follow-up questions.
In the meantime, consider this…
It’s impossible to understate the importance of beginning the process of preparing to sell as soon as possible. Selling a business is nothing like selling a house or selling a car – this is a highly emotional process with seemingly infinite ties into your finances, your relationships, heck – sometimes even your personal sense of purpose. Let’s about some things you can do to prepare for the sale.
For those that are just beginning the process, here are my three best tips.
- First, look at yourself. Put your ego aside and ask yourself why you really want to sell. As I like to tell my clients, sellers can’t be “half-pregnant.” A half-pregnant attitude will always lead to a half-finished sale. If you’re serious about selling your business, you need to make sure you’re fully invested in the process. Think about what your future will look like after you sell the business. Are you going to retire? Get a job? Invest in a new venture? Make sure you have a good idea of what you want your life to look like post-sale.
- Once you’re sure selling is the right answer, then you need to look at the business itself. How is your industry trending as a whole? How has your business been the past few years? The sales trends of your business will be a good indicator of what a buyer will be willing to pay for your business because remember – a buyer is purchasing a cash flow stream. If things are trending downward, that’s a good indicator a buyer will want a better deal.
- Finally, it’s imperative to get a proper business valuation so you know what your business is really worth. It never ceases to amaze me how most people will know what their homes are worth and probably their cars too, but even though the largest financial asset they may own is their business, they have no clue what it’s worth. So be sure to go through this exercise either on your own or with a professional. You shouldn’t start this process without knowing.
In my latest book, Hidden Wealth, I elaborate on these ideas and go in depth on the specific steps you need to take to maximize the value of the sale of your business. To learn the “secret sauce” of the sale that I’ve learned from assisting in over 800 business transactions, pick up your copy today!
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Hidden Wealth.
HIDDEN WEALTH
The Secret to Getting Top Dollar for Your Business
If you are planning to sell or are considering selling your business in the next twelve to twenty-four months, you need to start planning now. But where do you even start? Selling a business is not easy. With so many things to consider, some confusion is understandable.
In Hidden Wealth, accomplished market maker and four-time author Terry Monroe shares stories of successful business people who unknowingly left millions of hard-earned dollars on the table. Often worse than the financial implication is the self-inflicted mental strain and grief that can occur when selling a business. In Hidden Wealth, you’ll learn how to realistically assess your situation, deal with the business that you have built over the years, and maximize the money you will receive when you do decide to cash out of the business.
If you’d like to discuss your specific situation, I’d love to hear from you.
Feel free to reach out and we can chat.