As an exit phase entrepreneur, you’ll want to achieve a successful and rewarding transition out of your business. Read more about topics and questions to consider below, get in touch with your closest regional center, check out resources for exit phase entrepreneurs and find upcoming educational events on our calendar.
Knowing your business’s true market value is crucial for effective pricing and negotiation. NYSBDC advisors help you understand how assets, liabilities, cash flow, growth potential, and industry benchmarks impact your valuation. They also assist in preparing financial records, structuring the sale, and optimizing for minimal tax liability and maximum returns.
Questions to Consider:
There are multiple ways to exit a business, including selling to a third party, private equity, management buyouts, or passing the business to family members. Because exiting your business can take months to years, NYSBDC advisors can work with you to develop a strategy on when and how to exit, considering both your personal goals and market conditions.
Questions to Consider:
Exiting a business requires lots of legal documentation, including sale agreements, non-compete clauses, and confidentiality agreements. An NYSBDC advisor can help you understand these requirements and work with you and your legal counsel as you complete documentation, ensure that your business complies with relevant laws, and resolve any outstanding legal or regulatory issues before sale.
Questions to Consider:
As you approach an exit from your business, you might need guidance on optimizing operations, increasing efficiency, or reducing costs to enhance your business’s attractiveness to potential buyers. You might also consider how to increase your loyal customer base and the reputation of your brand for greater buyer appeal. NYSBDC advisors can help you maximize the effect of your business glow-up efforts prior to a sale.
Questions to Consider:
Finding the right buyers can be challenging. Negotiating terms that maximize your financial and personal interests, such as pricing, payment terms, and future involvement in the business, can also be tricky. An NYSBDC advisor can help you stay in alignment with your goals as you search for the right people and terms for the sale of your business.
Questions to Consider:
You’ll want to plan for a smooth handover that ensures the business’s continued success, especially if staff, clients, or suppliers currently rely heavily on you. You’ll also need to be mindful of the impact the sale will have on your employees. NYSBDC advisors can provide guidance on creating a transition that will retain talent and maintain morale.
Questions to Consider:
Whether you’re moving on to a new business venture or retiring, you will benefit from planning how to manage the wealth from your business sale so that you preserve and grow your financial gains. An NYSBDC advisor can work with you and your financial professional, especially when you wish to pursue a new business venture.
Questions to Consider:
Brooklyn & Manhattan - Pace University SBDC
Our statewide network of 20 regional development centers and over 70 satellite locations is ready to help you take the next step. Find your center & start your SBDC journey.