Getting ready to sell a business can be an emotionally-fraught experience for small business owners, especially for those who have put much of their lives into their businesses. Add to this the fact that frequently it is the case that the bulk of the owner’s (or owners’) assets is tied up in the business and the result is that the handling the sale well is of tremendous import.
There is a lot to know about how to get a business ready to sell in order to maximize its value, how to market it for sale, how to handle confidentiality agreements and letters of intent, and so forth; and these are things with which the typical business owner has little or no experience. Knowing how to sell one’s products or services does not necessarily equate to knowing how to sell the business itself.
On the other side of the equation, a buyer’s decision to purchase a business can be equally complicated. It can be difficult to know what is the right price to pay for a business, what questions to ask about the business’s finances and operations, what to expect of the transition process, and what financing options are available.
At the WU SBDC, we provide advising services to help clients interested in selling their business or interested in purchasing a going business concern. These services include business valuation, value acceleration, transition planning, and more.
On July 27th, the Kansas SBDC at JCCC is offering a half-day conference on buying and selling a business, with separate tracks for buyers and sellers. This is a great learning opportunity geared toward helping people make smart decisions.
Laurie Pieper, Ph.D.