If you are a small business owner, you will usually want to prepare for the sale of your business months or years before the exit date you want. But, if you are looking to exit the business scene fast, you may not have enough time to carry out an extensive preparation. However, there are strategies you can employ to successfully sell my business UK and transition out of your business. They include the following:
Contact Possible Buyers
If you have been in the industry for a while, you have probably made contacts with some people and companies that may be interested in your business. Do not wait for buyers to come to you. You should be proactive and start reaching out to your target buyers. But, don’t forget to work with an experienced intermediary who can communicate with interested buyers and protect the confidentiality of your sale.
Bring On a Partner
If you own a profitable and growing business, consider adding a business partner who has complementary skill sets and willingness to manage any aspects of your business you don’t want to supervise yourself. If you make this decision, ensure your partnership agreement clearly defines the expectations if you completely exit the company.
Sell your Business to your People
A number of business owners prefer to sell to their employees to satisfactorily exit the business. If your business is financially-stable and has low employee turnover, having an employer owning your business can be a great way to reward loyal ones and make sure your business will continue to thrive in the future.
If you are looking to exit your company quickly, think about giving incentives. Incentives make your company more attractive to qualified buyers. Incentives can come in the form of lowering your asking price and seller-financing which can capture the attention of possible buyers who may be interested in acquiring your business.
Liquidate your Assets
Often, liquidation is the last resort if you want to leave your business quickly. With this option, you do not get anything for intangible assets such as brand recognition and customer relationship. Liquidation can be your best option if you are heavily invested in inventory.
Although a fast exit can still be possible because of a change in personal situations, you can come up with a comprehensive exit plan that takes into account both your immediate and measured departure. You will have a higher chance of getting what you expect from your sale if you plan for the unexpected in advance.