Have You Thought About Selling Your Business?

by Kori Rodley Irons | More from this Blogger

05 Jun 2007 08:09 AM

So, maybe you think of your home business like a member of the family-you might even be so enmeshed with the business that you underestimate its worth or do not understand that it even HAS a value as separate business entity. But, many individuals build up businesses and then sell them-letting them go to a new owner for a profit and moving on to some other business challenge or project (or another job, retirement, etc.).

Just about any business with a product or service, clients or customers and an established business entity can be sold. It will depend on your licensing and how your business is arranged and you should get some legal and financial advice about how to sell the business-how much to charge, what sort of paperwork and fees will be included, and how to cover all your bases in the event of a sale. But, if you are considering getting out of your business, it may make more sense to sell it, than to simply fold and call it quits.

Where do you find a buyer? Well you can ask around, network, or consider advertising for a buyer. If you have a web site or do any sort of print marketing, you can include a blurb about how the business is available. Like any business transaction, just about every particular and detail is potentially negotiable, so it will help if you have a clear picture of exactly what you are selling (will you retain the business name or does it "go with" the business is a key factor?) and what is and is not negotiable. Some business will sell as an entity, while others might not find a buyer. It is important to have a plan for what you will do if the business does and does not sell and how you will manage transition to the new owner.

Again, make sure everything is done legally so you don't get stuck with any liability, but for many start-up home businesses, selling the business can allow the founder/owner to move on to something else.

See Also: What Do You Think About a Franchise?

Changing Your Home Business

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