45 questions to ask yourself before selling your business

So you want to sell your business? In that case, here are some 45 questions that might be helpfull to you before selling your Business:

• Why are you selling?
• Do you have a sales strategy?
• How much of the business are you willing to sell?
• What is your business worth and what valuation are you selling at?
• Is the price of the business fixed or negotiable?
• Are you expecting an upfront payment or is payment in installments acceptable?
• How will a buyer be valuing your business?
• Is the business ready to sell?
• Is it the right time to sell (is the market right)?
• Can you cope with the changes this will bring into your life?
• Can the business thrive without you?
• Would you be willing to stay if the buyer requests you to?
• What would be potential deal breakers?
• Do you understand the sales process?
• Who would be your perfect investor?
• Are the staff operating at their best?
• Are you going to sell the business yourself or do you need to involve others?
• What will your key negotiations points be?
• Does the business have a good traction that will ensure future sales and profits?
• Is there a good management team in place to lead the business after the sale?
• Who should you bring onboard to advise you through this process?
• How long are you expecting the sales process to last?
• Have you made a list of potential buyers?
• Can you ensure you don’t lose focus on the day-to day throughout the sales process?
• Are you a good salesman or do you need to bring someone onboard who is?
• What are your plans after you have sold your business?
• Provided you won’t be able to live the rest of your life with the money you make from the sale, will you be able to replace the income from your business?
• What are the obstacles to sell that you need to address?
• How will the sales process affect your business?
• Will you be able to provide all the required information that the buyer will request during the due diligence process?
• Do you have to sell quickly – and why?
• Are you willing to change elements of your business to make it more attractive?
• If you are not the sole owner of the business, how will you proceed?
• Are there any any tax issues you need to be aware of before selling?
• Does your business have all its affairs in order – and are you ready to have everything highlighted under the magnifying glass by a buyer?
• Does your business hold confidential information that it needs to protect – i.e. with a non disclosure agreement preventing the buyer taking sensitive information?
• If you are not selling all of the business, how important is it to ensure a strategic and cultural fit with the buyer?
• Do you want to communicate the sales process openly with your employees or keep it as a secret during the process?
• Is it realistic to keep the sales process quiet from your employees if you choose to do so?
• How do you ensure that the buyer actually has the money to finalize the sale?
• Would you be ready to sign a non-compete clause when selling?

For more questions like these please consider getting my book with 500 questions to ask before starting, selling or investing in a Business: