Do you have designs on selling your SaaS (Software as a Service) small business?
No matter the reason or reasons for you looking to sell, it is important that you go about it the right way.
Failing to do all that is needed for a sale could mean you come out on the short end of the stick.
With that thought in mind, are you going to be selling anytime soon?
Getting the Best Price Possible
When the notion of selling the small business you own makes sense, here are three keys to keep in mind:
1. What can you get for your small business?
In selling a SaaS business, what do you think you may be able to get when it comes to a sales price? Take into account the SaaS multiples that will come into play with any proposed sale. From what annual revenue has been for you to how sustainable your business is and more, be prepared. You want to be sure you have done the research.
That is not only what your business in particular is worth, but also how the industry as a whole is doing. At the end of the day, you need to come away with the best price possible for your business. Last, make sure before a sale that you have things like outstanding expenses, taxes and more in check.
2. Are employees in the mix?
If you have employees under your wing, what is likely to happen to them should a sale go through? As big as a proposed sale is to your professional and personal lives, never forget the workers. Yes, those individuals who’ve been loyal to you and showed up to work each day. What is their future likely going to be if you sell?
You may decide to start another small business sooner than later. If that is the direction you go in, will you offer work to your current staff? Another possibility is you will include some language in any sales contract. This would be saying employees have an opportunity for employment with new ownership.
Still another possibility is the employees will leave for other opportunities. Do your best to be as transparent as possible to those workers who’ve been by your side and made the business go.
3. Charting your next move
You may have already decided what your next move will be as a sale goes through. That said it is important to have that next piece of the puzzle in place. Doing so will make it easier for you to transition to the next phase of your professional life.
The hope is you have various options that will be of interest to you. Opening another small business, going to work for someone and even retiring could be in the cards. No matter the choice, think it through and be comfortable with what you decide.
By selling your small business, change is about to come your way.
So, will you be ready for what life throws at you next?
Interesting related article: “What is an Acquisition?“