Both changes follow small business owners who say they can’t hire back staff while they are closed during the coronavirus pandemic.
This Is the Most Important Thing to Consider When Selling Your Business. (Hint: It’s Not the Price.)
5 min read
Opinions expressed by Entrepreneur contributors are their own.
I’ve seen a frustrating trend play out recently.
Owners of small to medium-sized businesses give their lives to their work, and it’s my belief they should get back as much as they possibly can for all they’ve put in. But I can’t do that when I get a call not only after someone’s already decided to sell, but after they’ve already agreed to a deal — which nearly 10 of my clients have recently done.
I’ve written about the need to have a plan in place for exiting your business before, but this recent spat of calls made me realize it’s not just about having a plan. It’s about something both bigger and more basic.
When deciding whether it’s time to sell your business, you have to start by being honest with yourself.
How much should you sell your business for?
The truth most business owners don’t like to hear is that the overall value placed on your business is much less important than how the deal is structured. And I can only help those who’ve internalized this advice enough to know to call before they decide to sell.
Think of it this way: Would you rather sell