When business owners want to sell their companies to nonfamily purchasers, they have a number of ways to achieve this goal. First, get a current business valuation so you know the market value of your concern. Make sure your company’s books are in order, as well as contracts that involve future business and income.
Inside or Out?
If you have partners who want to remain in the business after you leave, work with an attorney to draft a buy-sell arrangement. Another way you might keep the business in familiar hands is to explore the use of an Employee Stock Option Plan. Your tax and legal professionals can provide the details for each approach.
Then, if you want to still sell your business on the open market, work with your tax and legal professionals to establish the optimal price and purchase agreement.