What to Do When You Need to Exit Your Small Business Quickly
June 15, 2015
Certainly, planning ahead for a small business exit is a wise decision, but it’s not always an option. Sometimes, business owners need a quick exit for one reason or another, and putting forth a quick plan of action can be crucial to following through properly. 
New research from BizBuySell.com reveals that the time to sell a business decreased by 23 percent recently, from 200 days to only 153 during the final quarter of 2014. Five months, though, may be too long for some business owners who need immediate action.
In case this describes your situation, here are five steps you can take for immediate action to sell your business, according to inc.com:
- Contact potential buyers. As a business owner, you might already know interested parties.
- Incorporate a business partner. A business partner could help manage portions of the business you’re not interested in, giving you more time to find the ideal buyer.
- Pass on the business to employees. Creating an Employee Stock Ownership Plan gives you more opportunities and helps you move forward a sale more quickly.
- Provide incentives. The more attractive you can make the sale opportunity, the more likely you are to sell it quickly.
- Liquidate assets. While this is certainly not going to be your first option, it is a potential one if you find you need to exit quickly without taking a huge financial hit.
Need help planning ahead or in crunch time with a business sale? Contact our offices today for a consultation.
