Selling Your Business: Do You Stick Or Twist?
Actually, that depends ...
Ever played cards and thought, ''do I stick with the cards I have or twist and get another new card'' and risk going bust? Well, if you are thinking of selling your business, maybe it is time to think in terms of this same simple conundrum ...
If you're thinking of selling your business, is now a good time?
copyright: garagestock / 123rf stock photo (licensee)
The UK has just gone through an unexpected election, but unfortunately, that doesn’t mean stability. What it really means is that change is afoot, especially with a minority government without an absolute majority.
"Look at what the UK and its economy has to deal with now!"
We have the impending impact of Brexit and with it several potentially interesting consequences. What will happen in the foreign exchange markets? How will export and import businesses fare? What will happen to the inflation rate? What about bank interest rates?
Lots of questions, but no right answers from me! Uncertainty is with us in a way that it hasn’t been for a while, and will be for several years to come.
What we do know is that we live in an uncertain world. So, to return to the point of this blog post, if you are selling your business, should you get out as quickly as you can before things change?
Stick with the idea of selling but go slowly and carefully? Or should you twist and hold on for a few more years to see if you can get a better deal in the future?
Actually, the answer depends on each individual business owner, but there is a lot of uncertainty out there, and so my advice is that if you are thinking of selling your business, do it now and do it quickly.
After all, a bird in the hand is worth more than a bird in the bush, isn't it? By the same token, cash in your bank is worth more than a promise of a business sale in the future.
"Would you like to know more?"
If you are interested in what your business is worth then do contact me on 0333 335 0422 or click here to send me an email enquiry, for a bespoke business valuation and for help and advice in ways to make your business more valuable!
Until next time ...
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.