When joining the entrepreneurship arena, your goals are growth and expansion. Your vision and efforts focus on having a strong customer base and earning more sales. Offering your business for sale does not exist in your enterprise dreams list. However, due to various situations, you decide to sell your business to venture into a new niche, or because it is no longer profitable.
Also, you may have exhausted ideas that attracted your interest in this field. Charges in the market might even be posing a threat to your current business. With all or either of these reasons, you might find selling the business as the absolute solution. Before making such a decision, you need to consider the following three things:
Your business mission and vision
As an entrepreneur, you launched your business with a mission and an idea. Your purpose is to continue fulfilling these aspects as long as the business is existing. As you know, business is perpetual. So, whether you are on the sterling or not, you desire to see the customers enjoying what you introduced to them.
For this reason, when placing your business for sale, you need to determine whether the new owner understands the business mission and vision. Only a person who understands the two elements can propel and continue delivering the value you introduced in the market. Hence, the mission and vision of the business must be your priority in this situation.
It is correct to say that a business might not be producing profits at the moment. However, businesses have different seasons. Before deciding to dish out your venture, it is crucial to consider its potentials. For instance, if you were selling chatbot making services in the last ten years, it is certain that losses could have been your daily portion.
Checking the same today, it is a different story. Chatbots are in high demand as each entrepreneur tries to beat their competitors by offering the best customer services. Thus, consider the future potential when offering your business for sale.
The value of your business
The value of your business might be higher than what potential buyers are willing to pay. For instance, your total venture value can be $500,000, yet the market rate is, or buyers are offering $300,000. Indeed, you cannot sell your business at a loss.
For you to ensure your business for sale sells easily, always be realistic. Avoid overvaluing and exaggerating your prices. As such, offer a realistic price and value that aligns with similar business sizes in your niche.