When you come to the end of the road concerning your business, the question of should I liquidate or sell my company can be an emotional decision as well as a financial one.
In order to make the right decision, you need professionals by your side who can help you make the right decisions about how to sell a business.
You also need to understand the basics of what you are doing even if you outsource the details to the pros. After all, you are the final decision maker no matter what.
The end of your business is hopefully a time to very advantageously trade money for time. This is the opposite of what you are usually doing at the beginning of your career or a business — trading time for money.
If you can now trade that business for enough time to positively and substantially affect your life (to your personal standards), then you may want to consider liquidation or selling the business.
You gain time by getting out of debt, earning enough money from the sale to free up your day, plus the time you gain by letting go of the responsibilities of day to day business.
Is there any way that you can continue to generate an income from the business while giving up day to day responsibilities? If so, then you get the best of both worlds — time and money from the sale.
Depending on your skill set and negotiating skills, you may be able to do this, so don’t rule it out. Selling a business does not have to mean that you give up all of the benefits that came from running it.
Advising on your business after the sale also ensures you have a hand in the future of the business if that is important to you. It can be difficult to completely let go of your baby, and some owners want to be sure the integrity of the business lives on. You can do this in an advisory position.
Is it the best time to sell, or could you get more out of the deal by waiting for a better season? If you have the luxury of time, you may want to do a bit of research to see if you can sell in a macro upswing or an industry bubble.
Also remember that you don’t have to liquidate all at once. If the market conditions are advantageous, you can actually liquidate over time to get the best prices for pieces of your business in the market that is most appropriate for that.
In order to seek out these options and avail yourself of the many other options you may have available, you should have a professional team with experience by your side. Read our Frequently Asked Questions for more information about buying or selling a business.
The experts at Murphy Business can do this for you. Give us a call at (850)-374-8884 or fill out the easy contact form on our website for your first consultation.
You shouldn’t have to worry about when or if you should liquidate or sell. Let us help you make that decision and optimize your outcomes!