An Open Letter to Business Owners:
Are you thinking about selling your business? Regardless of your reasons or circumstance, my first question as a professional advisor looking to help you would be, “Why do you think you are ready to sell now?” Your answer to that one question will likely give me the information I need to provide a helpful response.
Here are a few answers I’ve heard over the years of working with clients getting ready to sell their businesses:
• I was approached by a competitor who offered me a lot of money.
• I was approached by a private equity group who said they buy businesses like mine.
• My industry is changing and I don’t think I want to spend the time and money to keep up.
• My spouse has decided it is time for us to retire and start doing some things we have put off for years.
• My spouse has become ill and I need to be around to help.
• My children have no interest in taking over the business.
• I thought I’d shut the doors and sell off the assets, but figured I would see if anyone would buy it first.
• I want to use the proceeds from the sale of this business to start another business I am more passionate about.
• I just think now is the right timing for us to get a great price.
• There’s so much more that can be done with this business to benefit our clients, employees and community, but we just don’t want to risk our capital to expand at this stage of our lives.
These are just some of the answers I’ve heard, and they all provide important information, the exact reason or reasons why someone believes they are ready to sell. The sale of a business is one of the most significant transactions I can be involved in as an adviser looking to help you navigate this challenging transaction.
So what critical information will I get from your answer? Your timeline is one very important piece. Are you already talking with a potential buyer, investment banker or business broker? Or perhaps at the beginning of a two-to-three year exit plan? Regardless of where you are in the process, one of the best things I can do for you is let you know that HBK Corporate Finance will provide a no-obligation analysis of your business and talk with you about how to prepare, market, present and sell your business in a manner that keeps you in the driver’s seat.
Most of the time business owners feel they have very few, if any, people they can talk to about selling a business. In nearly every case they do not want their competitors, their customers, their employees or their community – and in some cases, even family members – to know of their plans. On top of all the financial considerations, selling a business can be emotional. Having someone to talk to about what to expect and how to lay out and implement a thoughtful plan can provide you with much-needed peace of mind.
Feel free to call me at 239-482-5522 or reach out to me at firstname.lastname@example.org
Investment advisory services are offered through HBK Sorce Advisory LLC, doing business as HBKS Wealth Advisors. NOT FDIC INSURED - NOT BANK GUARANTEED - MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL - NOT INSURED BY ANY STATE OR FEDERAL AGENCY
HBKS® Wealth Advisors, is an affiliate of HBK CPAs & Consultants, and does not provide investment banking services. If investment banking services are needed, they will be provided through a third-party registered broker dealer properly licensed to provide such services.