Sooner or later, many entrepreneurs are faced with the question of succession. They must decide whether they want to sell their business and, if so, how to go about it. The sale process can be a huge challenge, both for the organization and for the owner. Therefore, it is important to plan this step in a timely manner. This article provides essential information on how best to prepare for the sale process, and offers answers to crucial questions which arise during the different stages of the process. Furthermore, it illustrates the obstacles which could impede the process, the aspects that the seller must focus on in particular, and how the process is dependent on his personal commitment.
What is involved in the sale process?
Every sale process is company-specific and therefore unique. Consequently, there is no standard formula for selling a business. However, the sale process can be easily divided into a planning phase and an execution phase.