Question: What steps do I need to take to sell my business?
If you’re a business owner in Canada looking to sell, there a few steps you should take first:
- Figure out what your objectives are
- Make it matter
- Make it better
Once you’ve reached a point where you’ve completed these steps, you’ll have formulated some objectives and acquired a big picture view of your transition. You’ve even implemented your plans to increase the value of your business (you can read more about this process in Part 1 of this blog). Now it’s time to make it happen.
Here’s where you start strategic planning for the future transfer of your business in earnest. Select advisors in the following areas to handle the details of the transfer:
- Business Brokerage
- Mergers & Acquisitions (M&A)
- M&A Attorney
- And others as needed
With the help of your advisors, find a seller who meets your objectives from Part 1, then transfer the business. If you’ve put good succession planning in place beforehand, this fourth step is simple.
The final step in the process is to make it last. Develop a personal finance plan that will be flexible and risk-tolerant. Again, select advisors in the following areas to help you:
- Wealth Management
- Estate Planning
- Financial Planning
- Tax Planning
Good planning will keep you and your family financially secure for the rest of your life, leaving you free to enjoy a comfortable retirement—thanks to the hard work you’ve done building your business.
When you start working with the team at Business Transitions Plus, we will guide you through this tried-and-tested process to ensure a good transition. Visit our contact page to learn more about the succession planning process in Canada.