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When is the right time to sell your business? As the majority of business owners know, serious forethought, planning, and most of all, certainty, is essential before making that vast decision to sell the business.
For business owners to make sure they are 100 percent certain selling is the right choice, they should weigh the pros and cons before sitting down and discussing details. For those looking to sell in hopes of pursuing retirement, it is important to consider whether the same pace of lifestyle is desired in an effort to minimize boredom. For example, while many owners consider having more free time on their hands a huge benefit, they need to consider that suddenly changing to a work-free life can be a large adjustment.
Other important facets to consider include determining a new source of revenue, and the chances of having a debt payback after the sale; the risks of staying, as well as the benefits and risks of selling; and taking into account how up-to-date the business is, and if it will be marketable. After the debate has been resolved, and it is decided that selling is the right thing to do, commercial and quick printers need to seek the help of others to create and execute an exit strategy.
One of the poorest decisions a seller can make is thinking they can move forward on their own. Even the most successful business owner has little experience buying and selling businesses since they often only do it once.
While listing the business with a broker may seem like the right route to take, seek the advice and guidance of someone who knows the industry inside and out. A third party linked to the buyer would cut out the middle man, and look beyond the commission. Go to a direct source, such as a company that matches print shop sellers with interested buyers.
Not only do these companies know everything there is to know about the industry, they are focused on helping and benefiting both the seller and the buyer. Best of all, they are interested in seeing the seller's hard work and invested time continue. Often, such companies will contact owners—whether they are interested in selling or not—if they have a potential buyer. Even if the owner is not interested in selling, they should give them a moment of their time, since selling may be the answer to obstacles being faced.
While many business gurus often state that owners should not become too attached to their companies on an emotional level, that's a lot easier said than done. Whether there has been one year or 10 invested into a company, owners become attached to not only the daily activities, but to their employees and client base as well. It should be kept in mind, however, that there should always be a line drawn between emotions and business. If the commercial and quick printer becomes too attached, they may find themselves selling after it is long overdue, and find themselves stuck in a dead end.
Once the seller is mentally prepared, they should have a realistic time frame of how long it will actually take to sell. A good scenario may take six-18 months, but realistically it takes three to five years, depending on the industry, market, and buyers. Never assume multiple buyers will be interested in buying the business—often many wait for a better offer that may never come. Other pitfalls including overlooking the option of selling to an employee and expecting to be cashed-out.
Rich Arnold has been in the commercial printing industry for more than 35 years. While he was not looking to sell his company, he did so after meeting an interested buyer. Today, he is a part-time development manager for Allegra Network LLC.
author: By Rich Arnold