Selling a business can be an arduous task, so it is important to manage the sale in the best way possible. Oftentimes, business owners have deep attachment to their business because it was their livelihood and the satisfaction of building nothing into something. Initial thoughts when selling the business revolve around the financial aspect, but there is also a heavy emotional side. One piece of advice is you should start running the business as if a buyer will come inquire at any moment. Also, a business owner should not start to run the business as if the deal is done before it actually is. You must go through the due diligence of the sale. Finally, consult a lawyer when going through the sale process, they will have great advice in a time of need.
See Paul Sullivan, Selling a Business Involves More Than Money, NY Times, July 15, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
