Sometimes the circumstances are such that the entrepreneur decides to sell his business. If it was profitable, then finding a buyer is often easy. But it is important to prepare your business for sale so that it continues to make profit for the new owner.
Solve internal issues
Creating a successful business requires a lot of time, money and effort. Of course, its owner wants him to continue to make a profit after his sale. The future of a business depends largely on the state in which it was transferred. Therefore, before the sale it is important to resolve all internal issues. Develop a detailed plan for the company to change hands. This will help attract buyers, as they will see that the business is really generating revenue.
Distribute your daily responsibilities
Each business transfer plan is unique. Its development will depend on the industry, the size of the company, the level of income and expenses. Of course, it is important to consider the role of the business owner. Think about who you can shift all your responsibilities to. So that the business does not become unprofitable after the sale, your work must be performed by a trained employee with experience. Check with the buyer if he intends to take over your duties. If not, then distribute them among your employees.
It is best to prepare subordinates gradually. Start shifting responsibilities to them, tell us how you yourself cope with their implementation. Share your experience with them. Write detailed text instructions in advance. She will help employees with the solution of difficulties after the sale of the business.
The term for transferring a business is always different. Sometimes it takes several days, but it will take months to sell large companies. In this case, the former business owner continues to work for some time. He fulfills his duties until he finds a suitable replacement.
Do everything to keep your customers
A business will quickly become unprofitable if you lose most of your customers even before the sale. Sometimes managers, knowing about a deal, cease to fulfill their duties. This will adversely affect the future of the company. Try to keep customers, make sure that they do not go to competitors after the sale of the business.
If you yourself were looking for new buyers and talking with them, you need to correctly transfer your responsibilities to the new owner. If he does not plan to take on your role, then you need to prepare a replacement for yourself. To do this, choose an outgoing employee who knows how to communicate with clients correctly.
Prepare employees to move to a new owner
A change of leadership is always a new order. Together with the business, your employees will also transfer to the buyer. They also need to be prepared. Check with the new owner if he plans to keep the old staff. Perhaps he will decide to reorganize the management of the company. Then some employees may be fired.
Often, new executives are in no hurry to disband staff, as this can affect the profitability of the business during the transition period. But employees should still be aware of the sale. Talk to them about their new employment contract and responsibilities. Perhaps some employees will decide to quit. It is worth informing the new owner about it or finding a replacement for the departed workers on their own.
Diversify your income
After selling a business, you will lose your source of permanent income. But also you will receive a large sum for it, which must be correctly distributed and protected.To do this, you should turn to an experienced specialist in financial planning who will help you to spend money wisely.
Diversification of income is one of the most profitable ways to invest received money. You can invest in several industries at once. Even if one of them does not bring you money, there is a chance that the second will be more successful. The funds received can also be spent on the acquisition of real estate.
Think about the tax implications
After the sale of the business, you will have to pay tax, so it is important to think in advance about how to reduce its size. To do this, consult a tax lawyer. He will tell you what part of your profit from the sale you will have to pay the state. The specialist will find the most profitable transition option so that the tax is less. For example, selling a full stake in a company will cost less than selling a business as a property complex. Calculate how the amount of tax will affect your profits.
Develop a family budget
Often a business is the main source of income for its owner. After the sale of money you will no longer receive. Therefore, it is important to draw up a family budget in advance, especially if you have small children, as well as elderly relatives who need expensive treatment. Consider the needs of your family, calculate how much money you spend monthly to meet household needs. In addition, after the sale of the business, you should have savings that can be spent on force majeure.
If the owner of the business for sale is in old age, you should consider writing a will.
Develop a business transition plan
Selling a business does not remove all responsibility for its conduct from the previous owner. Do not rush to leave your workplace, try to communicate more with the new leader. Put together a detailed company transition plan. Make sure your employees are prepared for the sale of the business. Transfer your responsibilities to qualified professionals who will help the new owner quickly deal with the nuances of your work. The more carefully you plan the transfer of the company, the easier it will go.
It is worthwhile to draw up a financial plan in advance. Its development is best entrusted to experienced professionals who are versed in finance and taxes. They will help you minimize sales costs and make big profits. With a financial plan in hand, you will more easily survive the loss of your regular income. Having invested the money correctly, you can even increase it in the future.