Business Exit Planning
Selling a Management Engineers Business
The decision to sell your management engineers business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
Dire economic forecasts have forced many management engineers business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
It may require a little finesse, but if you're prepared to take the next step in your entrepreneurial career then it's time to brave the management engineers business market and locate potential buyers ASAP.
The Best Person to Sell Your Management Engineers Business
There are benefits and drawbacks to handling the sale of your management engineers business on your own. Few people know your business as well as you do. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the management engineers business to gain an objective sense of fair market value.
Preparing Your Employees
Business sellers walk a fine line when it comes to preparing their employees for a sale. You're concerned about confidentiality, and rightfully so. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Pre-Sale Checklist
There is a lot of work that needs to be done before you're ready to sell your management engineers business. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
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