As an architectural business owner, you’ve likely thought about the future and what it holds for you. How many more years will you continue to work before retiring? Who will you choose to take over your company? What is the best way to go about selling your business?
Whether you are considering selling your business within the next couple of years, or several years down the road, it’s important to make sure that you know what to evaluate, who to talk to, and where to receive the help you need. At Allen Business Advisors, we are proud to help business owners from a number of different industries plan the right exit strategy for their needs. We are proud to offer the business brokerage and advisory service that you need. Contact us today to let us know what your plans and ideas are for the future, and learn how we can help you make them a reality.
Selling Your Business
Selling your architectural business can be difficult for a number of reasons, including your personal investment of time, energy, and money. If you started your business from scratch and have always been the sole owner, then you can understand how your business can sometimes feel like your child. You spent time caring for your business and nurturing its growth, and you know that at some point you will have to let go of being in charge.
If your business is more like a corporation than a family owned company, then you likely have some different hurdles to overcome. Perhaps there are a number of partners in your business who all have different ideas of the best way to take the business into the next phase.
Whether your architectural business is large, small, or somewhere in between, selling a business can be complex, time-consuming, and stressful. By following the steps we’ve laid out, and partnering with the right team, you may find that planning your exit strategy is not as difficult as you thought it would be.
No matter how attached you may be to your architectural firm, the day will come when you need to retire. Rather than ignore the inevitable, it’s a good idea to prepare your succession plan. By selecting the person that you feel would best take over leadership of the company, you will not only help to prepare the path for continued success, but you’ll also feel more comfortable about walking away when it’s time.
Many business owners choose a key employee who they feel would be the ideal person to succeed them. If this is the route that you would like to take, then it’s important to begin those conversations sooner rather than later, as most employees do not have sufficient funds set aside for purchasing a business. Don’t put your retirement plans at risk by offering to function as the bank and extend a loan. There is no one-size-fits-all solution when it comes to selling your business, but with help from Allen Business Advisors, you can make the right choices for you. Contact us today to learn more.