Timing the sale of a business

A Maryland entrepreneur who is starting a new business may want to think about the possibility of selling it in the future. People decide to sell businesses for many reasons, including loss of interest, dysfunctional relationships with partners or just simply because the time seems to be right. By providing plans from the beginning of how such a sale will be handled, business owners can avoid a lot of potential headaches while also maximizing their profits in the event it occurs.

There are several areas that should be addressed in a business plan to make certain the business is sale-ready. People should think about the business in terms of what a buyer would want, including business profitability, having a competitive edge, degree of systemization, how scalable the business is and the business’s culture.

Potential legal issues should also be considered when planning for the sale of a business as well. It is important to make certain workers are classified appropriately, or a buyer may walk away to avoid a potentially huge tax liability. Similarly, office leases should be ones that are transferable, and the business should be movable to a new location without significant difficulty. If possible, long-term supplier contracts should contain terms that are more favorable than those normally found in the marketplace.

By considering all of these factors during the business planning process, owners can not only make their companies more attractive to future potential buyers, but they may also have businesses that are more successful during their own ownership. Owners may want to seek out the assistance of an attorney to make certain they have carefully considered all aspects that could affect their venture. Careful planning can help businesses to not only survive, but to be stronger than they might have been otherwise.

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