Thinking of selling your business?
You’re not alone.
A 2023 report from the Canadian Federation of Independent Business (CFIB) found that 76 per cent of Canadian owners of small- and medium-sized enterprises (SMES) — companies with between one and 499 employees plan to sell their businesses during the next decade. Some 56 per cent of SME owners plan to sell within the next five years. About three-quarters of these soon-to-be former business people are looking to retire.
When making the decision if now is the time to sell, it is helpful to ask yourself some important questions.
These questions will help you determine your path to a successful sale.
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- Are you ready to sell?
- What are your reasons for selling?
- Is the business ready for sale?
- Are all the business operations well documented for a new buyer?
- What is included or excluded from the sale?
- Is there a plan to transfer the business?
- How will you work with the new owner during the transition?