Franchise Spotlight: 6 Things To Look Out For When It’s Time To Get Out

Keep Your Staff Plugged In

You’ve got to make sure that your staff and your management are focused on the business itself and the operation of the business. Make sure that they don’t get caught up in the sale process. You need the business to keep running smoothly because a sale can be unpredictable. You just don’t want your staff focused on things they can’t control. You want to make sure they keep running the business in a successful way.

Have a plan for life after sale

From an individual perspective have a plan after you sell. Remember you’ve been running a business for years and all of a sudden you have this free time. It can be a shock to the system for a lot of business owners once they sell. So prior to actually closing the deal have a plan for part-time work, bear in mind it can even include a post-deal participation, maybe providing consultation services for a year, just something that can transition you out so you’re not kind of cut cold turkey, it’s a real shock to a lot of entrepreneurs when they sell their business and then they wake up the next day and they don’t have a clue what to do. It’s just very difficult for some to handle the transition.

Tax Implications

You’ve also got to make sure you figure out the tax implications. A lot of entrepreneurs do not realize what the tax implications are once they sell their business. Get advice. Contact a lawyer, contact an accountant at the end of a day it’s going to cost money to sell your business and to make sure you do it right. So make sure you have the qualified professional support to make things run smoothly.