Most business owners give some thought to if and when they may sell their business. This is certainly the case where there are not family members who work in the business or could work in it within a reasonable time frame.
However, thinking about selling your business at some future point and then following this up by actively taking steps to begin getting the business ready for sale may not always happen. Some business owners may not appreciate that selling a business can take many months, in some cases, years … with the time needed partly dependent on the state of business sale readiness.
What are some of the reasons why business owners hold back from getting started with the planning for a business sale? Here are 10 reasons (and there are others) that could be causing you to delay:
- Lack of knowledge of what is needed to prepare for a business sale
- No spare time to investigate what is involved in a business sale
- Concern that now may not be the right time / market conditions could improve / the business could grow substantially
- The business is not ready for sale e.g. there are elements (risks, liabilities, obligations, etc) which could deter a potential buyer; or alternatively no succession plan is in place to run the business without the owner
- No-one has expressed any interest in buying the business
- The business owner does not know what they personally will do next
- There is an emotional attachment to the business, its people and its clients
- The business is currently supporting the owner’s lifestyle; some concern around whether the sale price will be enough to support the owner in retirement / through a transition period
- The business owner is worried about the loss of control and influence which will come with a business sale
- Uncertainties around the tax implications of selling the business; a hope that perhaps the tax regime may improve for entrepreneurs
To help business owners have the time and space to explore what is involved in selling their business and to give them access to expert help from someone who has started, scaled and sold a successful business was one of the main reasons behind Andrew Morrison setting up Business Sale Basecamp in July 2024.
It really is never too early to begin thinking what is involved with selling your business. Knowledge is power … once you understand what is involved and how you can prepare in advance to secure an optimal price, you will look at your business with a fresh perspective.
Andrew provides business owners with a free 30-minute Teams call to discuss your business sale aspirations and what is involved in selling your business. He will also answer any questions you have about business sale.
To book this call, please contact Andrew at:
