Baton Rouge LA CPA | What to Consider When Selling Your Business
Selling your dental practice can be quite an intimidating prospect. You may have numerous questions, such as: How do you make sure the business you’ve worked so hard to create, or the team you’ve come to love is properly taken care of after you’re gone? When is it too soon to make a decision, or has the time frame already passed? The good news is, the important decisions you’ll face when attempting to sell a business don’t have to be faced alone. Our team is here to help you with expert guidance and knowledge because we’ve helped many business owners just like you create successful transitions. With that in mind, here are a few things to consider when it comes time to sell.
Determine a “why”
It is important to understand why you’re considering selling the business in the first place. Is the business underperforming financially? Has it become too much work? It could also be more of a personal reason. Have you lost passion for the business? Are you considering retirement? Knowing why you’re selling is an important first step, especially if it is something that can be turned around or improved.
Timing is key
If you’ve fully committed to selling your business and are happy with your “why”, it’s important to look at the timing. Do you have a hard sell-by date? Or will you take your time? Knowing how you want to time each step is an important part of the selling process, and can make or break a deal in the end. Having a date to sell by can increase pressure, and affect the results of the sale. Taking time and assessing when the best time to sell is can take more time, but may be more rewarding in the end.
Consider partnering with outside experts
Personally handling every aspect of the sale of a business can be a full-time job itself. Using partners or contacting outside help can make the situation go much more smoothly. It may be helpful to consider contacting a broker to help with closing, or a marketing agency to help you find the right buyer for your business. Adding these resources can save you time and help with your totals in the end.
There are many factors to consider when selling a business. Make sure you take the time to think through all areas that may affect your situation. An important decision like closing a business can have many repercussions, and eliminating as many variables as possible will only make for a better sale in the end. If you’re looking for expert assistance in the sale of your business, call our team today and see how we can help you.
Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B Baton Rouge , LA 70808