Did you know that the average U.S. small business owner is 60 years old? If you are like many business owners, you are nearing retirement age and starting to think about your future. You may be thinking about selling your business sooner rather than later because you have concerns about the effects of COVID-19 or because you simply do not want to continue investing so much time and energy into the business. Whatever your reason, choosing to sell your business and retire is a major decision. It is important to define clear objectives, properly prepare for the sale, and take steps to avoid mistakes that could delay your retirement.
Preparing Your Business for Sale
As the old saying goes, failing to prepare is preparing to fail. Although you may be eager to sell your business so that you can pursue your retirement dreams, it is important not to rush this important transition. One of the most essential steps you will need to take is to secure an accurate business valuation. Properly valuing your business may be complicated – especially if the business’s revenue is down because of COVID lockdowns. A qualified business valuation professional will help you determine how to put an appropriate price on the business. You have probably poured a tremendous amount of your time and energy into growing your business. You deserve to get the best price possible.
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