Looking to Sell Your Business?
A business transition is when the business is passed from one owner to another. This can be a family member, your employees or a third party sale at market value. Every plan can be unique because of the human factors involved, but all three types of business transitions have similar elements.
Education is key. Understanding timelines and expectations can greatly increase the success rate of your transition.
There are five phases to business transitions: Getting the Business Ready to Sell, Actively looking for a Buyer or engaging the Family or Staff Member, Due Diligence, Financing, and Transition.
SuccessionMatching.com has put together an overview on selling your business which includes a step-by-step process.