You're Ready To Sell Your Business: Now What? - Joseph Romano
Sometimes you get lucky: you capitalize on a new technology, build a business, and within a few short years sell it for 126,315 bitcoins (+/- $11.4M), as Erik Voorhees did with SatoshiDice. The other 99% of entrepreneurs, unfortunately, spend much of their adult lives building and maintaining their businesses. At some point, whether you are looking to retire or simply prefer to have someone else take over the day-to-day burden of running the business, you will need to begin looking at selling your business.
Selling a business requires sales skills. In addition to a traditional business plan, Jim Chamberlain, a financial expert with SCORE, a nonprofit organization helping educate and mentor small businesses, suggests telling “your story” when presenting a business plan to a potential buyer. Include staff retention and what makes your business appealing to existing and potential employees. Provide an explanation on what you want out of a business that is worth someone else’s investment. Are you hoping to spend more time with your family, to travel more, or—better yet—do you know the growth potential in your business but also know that you aren’t in a position to take it there on your own?