Selling Your Business
Selling Your Business
The key components to a successful transition are enough time to plan and assembling the right team.
No matter the size or complexity of your company you want to make sure this important transaction is correctly planned and executed. At TruNorth we are seasoned professionals with decades of experience in Business Succession and Continuity Planning. We work with professionals, well-versed in these transactions, from accounting to legal counsel.
For many small to medium business owners, the eventual sale of their business is an integral part of their retirement planning.
- 78% of small business owners plan to fund their retirement from the sale of their business.
- Furthermore, those same business owners plan to fund 60% to 100% of their retirement needs from that sale.
- For many businesses, the two key determinants of business transition are leaving enough time to plan and having an adequate plan in place.
- Only 25% of business owners have any type of plan in place.
As you are making your plan to sell your business here are some questions to keep in mind:
Who to sell the business to?
- Family Members
- Liquidating Assets
- Selling Shares to Current Management
- Selling to an outside party
What do you want for your business?
- Do you want to remain involved?
- What about your key employees?
- What about your customers?
- How will you maintain key business relationships?
What is your business worth?
- How do you know?
- Accounting is different for sale than tax saving
- Formal Valuation
- Informal Valuation
How do you protect all parties?
- Now, today, before any sale
- During
- After