“Am I ready to sell my business – A Quick Quiz”
The decision to sell your business is an emotional one not purely commercial.
One of the most important things you can do to ensure you sell your business has nothing to do with how much you will receive for your business, but it has everything to do with your reasons for wanting to sell in the first place..
So, how ready are you to sell your business?
Start by considering these 10-question “Am I ready to sell Index Quiz”.
Answer these questions on a scale of A to D where A is where you feel you are not sure and D is where you feel you are sure.
Questions
A=0 B= 2 C=3 D=5
- Do you know how much income you require to earn in retirement and the value of the income generating assets which will generate that income?
- Do you have a compelling reason to want to sell such as plans to do something else?
- What is pulling you away from the business?
- Do you feel your passion for the business has been replaced by exhaustion that is pushing you out of the business?
- How confident are you about understanding the drivers that will help you to attract an offer for your business?
- Do you feel it is time someone else needs to take the business to another level before it is too late?
- How confident are you about attracting an offer for your business?
- How confident are you of the right time to sell your business?
- Do you know about the alternative options you have to enable you to step away from your business?
- How do you feel about working for someone else?
Calculating your Score Based on 10 questions.
Your score is calculated by assigning 0 points for every “A” answer you gave in the quiz, 2 points for every “B” answer, 3 points for every “C” answer and 5 points for every “D” answer.
Keep in mind that these are general guidelines and each person’s situation is unique. Ultimately, stepping away from your business is a personal decision which you, the business owner can only make, so use this test as a guide and then talk to me.
Less than 20 points: You are not in the right mind-set to consider stepping away. Leave it for now until you are in a better frame of mind. Come back to the questions in a year’s time.
20-29 points: You are starting to think about stepping away and you are almost ready. Just repeat the quiz over the next six months’ time and see how your score changes when you take the quiz again.
30-39 points: You are ready to go onto the path of committing to looking at the options for selling your business and what needs to be done to maximise the value and chances of selling.
40-50 points: You need to seriously consider some proactive marketing of the business now in order to clarify your options: See if there is an interest, what type of offer you will receive and whether it is realistic for your needs. Look at the answers where you scored a “B” or below. Do we need to look at these first?
What to do next?
Andrew Watkin has regular discussions with business owners who are considering stepping away from their business but are not confident about where they are, what needs to be done and how to actively market the business to see if it is sellable and to whom.
Andrew Watkin can help you to help identify the specific steps that you need to take in your business. So get in touch with him now by calling him on 07860 898452 or by email: awatkin@assyntcf.co.uk to discuss how he can help you decide that stepping away from your business is something you can do and move onto the next stage in your life.
Further reading can be found on the website at these addresses:
Where does the Journey to sell my Business start? https://www.assyntcf.co.uk/where-does-the-journey-to-sell-my-business-start-start/
How to attract an offer for your business? https://www.assyntcf.co.uk/how-to-attract-an-offer-for-your-business/
What makes a business more saleable? https://www.assyntcf.co.uk/what-makes-a-business-more-saleable/
How do you prepare for and go through the business exit process? https://www.assyntcf.co.uk/how-do-i-plan-for-the-day-i-want-to-leave-my-business/