Answer: First, you would want to obtain a valuation for your business. You can go to my website RockLaManna.com and go through this process for free.
Next, we would want to talk about who you are considering as a potential buyer. We would research that company and make sure they have the financial means and the integrity to come to the table.
However, before you reach out to them, we would definitely want to build a strategy for selling your business. There may be other buyers who could offer a better package, a more beneficial situation for your employees, or more lucrative terms for you. There may even be an employee who could buy you out over time.
In addition, we would look at whether we could build your business up in the next year so that you are more attractive.
As you say, an important part of the seller's process is to become empowered and educated, and that is a key role here at LaManna Consulting Group in advising our clients. Another part of our role is to be disruptive, unconventional and creative. The old ways of selling a business are no longer relevant. Just because you are in a temporary slump due to coronavirus does not mean that your business would not be eagerly pursued by a buyer.
You have more options than you know, but don't wait around and let your business devalue even more. Time is of the essence.
No matter where you are in your succession or exit plan, you need to have contingencies if something happens to you, especially in this coronavirus environment. Don’t leave your business in the lurch. Exit planning is not an event, it is a process.
About the author: Rock LaManna is president and CEO of LaManna Consulting Group, and has gone through the process with clients and with his own family business. To learn more, visit RockLaManna.com.