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Some business owners are looking for a faster, simpler way to unload their business. Maybe they weren’t able to plan ahead and get their business ready for sale. Or maybe they simply want out now.
Here are a few faster ways to exit your business right now:
1. Get the word out. As a small business owner, you may already know a few people who would be interested in acquiring your business. This could be one of your competitors in the industry, or someone who simply wants to grow. Be proactive; don’t wait for them to come to you.
2. Partner up. Finding an active partner in the business can allow you to remove yourself from the day-to-day responsibilities of running a business. Think about adding a partner who’s willing to manage business operations. Make sure your partnership agreement clearly states what will happen when you (or your partner) decide to completely exit the company.
3. Sell your business to your employees. This is a great way to reward loyal employees while ensuring that the business will thrive going forward. One of the most popular ways of doing this is creating an Employee Stock Ownership Plan (ESOP). Many owners choose this plan because of its tax benefits and flexibility with continued involvement with the business.
4. Offer qualified buyers incentives. Make your business more attractive to buy by offering and close the deal quicker. A great way to speed up the sales process is by offering seller financing, including additional assets in the sale (such as equipment), as well as training and other incentives.
5. Liquidate your company assets. This is usually a last resort, and often the case for businesses that are not profitable. It’s also the fastest way if if you need to exit as quickly as possible. One of the downsides of liquidation is that you won’t receive anything for your intangible assets, such as established customer relationships, branding, and internet presence.
if you don’t have the time to plan ahead, then these are the easier and faster ways to exit. Yet, if you plan ahead, you’re more likely to increase the value of your business and receive a better asking price. For more details on exit strategies and preparing your business for sale, download BizBuySell’s free Guide to Selling Your Small Business.