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Tips for Separating Yourself from a Business Before You Make a Sale

Posted by Gwen Sylvester in Articles

Are you ready to list your online business for sale, and are already scouting the internet for the right online business broker? You need to be prepared with how to remove yourself from the equation before the sale even takes place.

How Your Relationship Can Challenge the Company

There are many different problems associated with the owner’s relationship with the company, often beginning with the fact that the relationship between the company and owner can become so close that they appear to be fused. This can be a major problem when it’s time to sell your company.

In order to allow your business to thrive, not just now but under new ownership, you need to anticipate how best to begin separating yourself from the day to day running of the business. If you’ve already had the idea about selling your business, now is a great time to take those next steps.

Separation is important because there are many different problems linked to being too closely involved with the business that you’re listing for sale. These include:

  • That your time is precious, which means the extra work and preparation associated with the business sale should take precedent.
  • If your ethos and personality is what is driving the business, the company may not survive after you leave, meaning a lower value generated upon the sale.
  • Your relationships may seem indispensable because people you work with are used to or like dealing with you. It’s important to be able to assess whether current advantages, conditions and agreements will be able to thrive if someone else took over.
  • You are no longer able to notice flaws. If you have been skimming over flaws, rather than working on ways to eliminate them, this could prove a big problem when it comes time to sell your company.

You should begin to distance yourself from the company as soon as you establish it. You can begin by looking at areas in which you are over-involved, start delegating to existing staff, or generating new positions to take over your responsibilities, and overhauling systems so that errors are less likely.

After you have removed yourself from the running of operations and the generation of supplies, you’ll be able to view the business more objectively. Although stepping back from the business is a good idea regardless of how long you’ve been in the industry, doing so when you anticipate listing the business for sale is even more important and something that should prompt you take action immediately.

Consulting with an experienced online business broker is one way to identify the gaps in your business and to create a plan for addressing them.   At Website Closers, we’re here to help you figure out the best strategy for selling your company and how to make it happen seamlessly.

Selling a company is a big step and an exciting one, but avoiding pitfalls and feeling confidence about everything from the listing to the hand-over process is crucial. Let us help you get there.