When an entrepreneur decides it’s time to sell her company, it’s hard to know where to begin. With so many legal and financial steps to follow, it can be an overwhelming task to manage and follow through.
When going through the 2013 acquisition of my company, Sonicbids, I learned some important do’s and don’ts that matter when going through the acquisition process.
Here are seven steps to help prepare you for the process.
1. Be clear with yourself on goals and motivations for the sale.
The first step when considering whether to sell your company is to reflect on what you hope to gain from the sale and how you want it to be executed. Do your homework to ensure that you fully understand the impact of this acquisition beyond the dollar amount. Look at how it will affect your career, your company’s brand and future. If you don’t already have a prospective buyer, spend time considering what the ideal acquirer’s profile would be and what corporate culture and values would be most desirable.
By setting goals and standards from the start, you will have a clear vision that will lead to the best outcome when the deal is done.