Selling your business is a big decision. Your business represents the result of years of hard work and dedication – sometimes spanning generations. If you’re considering selling, you need to know if now is the right time to sell and who you should sell your business to.
What to consider when selling your business
1. How you’re feeling about your business
You might feel that you’ve achieved everything you want to with your business, and are ready to hand the reigns over to someone else. You might be ready to try something new, or enjoy your retirement and the fruits of your labour.
Sometimes, even if your business is going extremely well, you might be feeling ready to move on. Your interests may have changed since you first took ownership of your business. Or your priorities may have shifted, with family life and free time taking centre stage over work. The idea of selling your business, whilst still daunting, will also come with a degree of relief.
2. How your business is performing
The best time to sell your business is when it’s going well – which can be a difficult thing to leave behind. When your business is profitable, financially stable, and running like clockwork, the prospect of walking away may seem counterintuitive. However, your business’s current success is crucial to its sale being successful too.
As an investment group, we care about the future prospects of the businesses we acquire. Businesses that can demonstrate their profitability and financial success will always appeal to investors.
3. Your business partners
If you’re considering selling your business, it’s important to ensure your fellow partners are aligned on this goal. Frank, open discussions outlining the reasons for selling and the best means of getting the sale through are key.
A few important things you and your partners might consider when selling your business are the tax implications of doing so, what your valuation expectations are, and whether you want to sell the business or put it into the hands of somebody else.
What makes a good buyer when selling your business
There are a lot of emotions tied up in selling a business – especially a family business. Finding the right buyer is crucial, and there are a few reassuring signs to look out for.
1. A buyer who wants to help your business
When passing on your business’s legacy, you want to know you aren’t just selling everything you’ve worked so hard for, only for it to be picked apart and sold off again. You’re selling your business so it can go on to thrive and excel to even greater heights.
At Goonvean Group, we conduct searches to help identify owner-managed companies we feel will directly benefit from our investment. We acquire businesses with the goal of helping them achieve their full potential through our investment and resources. Goonvean Group are as invested in the future of your business as you have been in its journey.
2. A buyer who will look after your employees
The sale of a business can be very unsettling for employees. Choosing a buyer that wants to acquire your business and look after your employees is reassuring for both you and your valued staff.
Goonvean Group exists to help our companies grow, and the people in those companies to develop and flourish. Caring, connection, and courage are our three core values, and community is at the heart of what we do. When we acquire a business, we:
- Ensure employees are treated with the utmost care and respect. Our goal is to nurture every company in our Group and help the people who work for us achieve their full potential.
- Encourage connection and development across the Group, and know that together we are stronger. Our diverse portfolio of businesses enables us to offer staff a wide range of opportunities for personal and professional development.
- Empower our employees to be courageous in their endeavours, embracing every opportunity to succeed and grow with our support.
3. A buyer who looks to the future
From humble beginnings to the company it is today, your business will be sold with a legacy – and a hope for its continuing success. The last thing you want from a prospective buyer is a lack of vision and interest in the future of your business.
Our Group is divided into segments that unify and focus our operations. This enables every business we acquire to optimise their potential and support each other on this journey. Our businesses work together, not against each other.
