For most people, the best investment they’ve ever made
is in their own business. Nothing else compares if it’s
been successful. So when it comes time to sell, it’s impor-tant
you do it right. Below, are the big ideas to keep in mind if you’re
thinking about moving into a new phase of your professional life or
if you’re already in the middle of a transition.
1. Selling a business takes time
In a lot of cases, the sale of a business can actually take five to 10
years. You need to consider who you’re going to sell to, how you’re
going to get paid, how you’re going to exit and what the terms and
conditions are. Even after the sale is completed, the owner often
stays on to help transition and make sure it’s successful for everyone.
This transitional period is especially important for personal ser-vice
businesses because you have to transfer the relationships and
HALIMQD/SHUTTERSTOCK.COM
FINANCIAL FILE
Successful
Selling
Four tips for smoothly
transitioning your business
into someone else’s hands
BY CHET BROTHERS, CFP, RFP,
BROTHERS AND COMPANY
“You need to make sure
that what you’re selling
is actually a transferable,
salable business.”
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