Entrepreneurs all over the world have asked me if it’s a smart move to sell your company.
My general answer to that is — yes. But it depends.
Before you think about selling your company, consider the following aspects.
How is your business, really?
Many entrepreneurs fail to ask themselves this question before heading out to sell their business. Remember, the quality of your questions determines the quality of your results.
Before you exit, take a look at your operations and goals:
- How are your finances?
- What does your business have to offer, in terms of value, profitability, and promise?
- Where do you want to be in 5, 10, 15, 30 years?
At Cardone Ventures, we talk about three types of exits, and questions above are decisive for determining your approach.
1Exiting your role
Firstly, you have the option of exiting your role. It allows you to step down as owner and transition to board member, for example.
Exiting your role is ideal for business owners who still want to take part in some aspect of the business, but not all of it.
Other business owners choose to transfer ownership of their company as an exit strategy.
Whether transferring to a family member or business partner, it can be a convenient solution for a safe exit.
3Selling your company — the smart way
Finally, the most common exit people think about is actually selling their business — for a profit.
However, keep in mind that most of these Wall Street brokers don’t have your best interests in mind. In fact, while they’re out shopping for SMBs, their end goal is to make themselves and their company more money.
As a result, they will usually undercut you and the value of your business.
If you don’t pay attention to the fine print when selling your company to a Wall Street broker that’s more money-motivated than purpose-driven, you might end up giving away your business for practically nothing.
If you spent this much time, effort, blood, sweat, and tears building your business, wouldn’t you want the best offer you could get?
If you’re ready to sell and you know your business is worth a decent amount, then I have some great news for you.
Grant and I were fed up with all the secrecy around the business buying and selling industry. So, we decided to create 10X Buy/Sell — a platform that allows entrepreneurs to finally access some of the best-kept deals on the market.
These are the type of deals these Wall Street guys don’t want you to know about.
But Grant and I? We do.
We want you to know, because by removing obscurity, we’re confident that you will be able to make an educated decision on how to best handle buying or selling your next business.
Schedule a call to learn more about 10X Buy/Sell and how you get get in on this new venture.
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We are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content presented should not be taken as professional advice. We recommend seeking the advice of financial professional before you invest, and we accept no liability whatsoever for any loss or damage you may incur.