Should You Sell the Family Business?

If you are thinking about selling your family business, we know it has to be a difficult decision, especially if the business has been in your family for years. How do you know when is the right time to sell your family business, if you decide to sell at all? We have some questions to help guide you towards an answer.

Questions to Ask Yourself

Is this a good time to sell? It may be that your family business is in a market that has seen incredible growth. If that’s the case, wonderful! This may be a great time to sell. It may also be a good time to sell if you have a profitable business, but there’s no one in the family who wants to take over when you retire.

How much is my business worth? You always want to get your business appraised before you think of selling it. That’s because you may find out that you could sell your business today, and make a nice profit, or you might find out that you have some work to do to make your business more profitable.

What am I not willing to negotiate about?
Every business owner has things they don’t want to negotiate. Perhaps you want to keep the business in the area where it has been for decades, and your non-negotiable is moving the business. You may have a bottom line for a price that you are willing to sell at, and that is your non-negotiable. Whatever your non-negotiable is, you need to know it before you begin negotiating the sale of your family business.

When you’re ready to sell your family business, we hope you’ll contact Hallmark Business Brokers. We’re located at 230 Tamiami Trail South, Suite 2, in Venice. You can also give us a call at 941.445.4726.