Business Sales: Terry Sold His Business In 38 Days

Selling Your Business To An Employee May Be Your Best Bet – How Terry Sold His Business In 38 Days To One Of His Employees

Selling your business is a big decision. You’ve built something from the ground up, and it’s not easy to let go. But when the time comes, you want to make sure you get the best possible price for your hard work.

If you’re a small business owner who is looking to retire or transition into something new, selling your business to an employee may be your best bet.

There are a number of reasons for this, including the fact that you’ll likely get a fair price for your business and that the transition will be relatively seamless.

Terry listed his business for sale with Bonza at the end of July. He was wanting to move it quickly and within a week had already found a buyer. What he didn’t know at the time was, his employee Amy had been toying with the idea of buying her own business.

When Amy came across a café that she thought would be of interest to her, she enquired with Bonza. Little did she know the café that she had made an enquiry on was her place of work.

Here’s a closer look at why selling your business to an employee may be the right move for you.

Passion

An employee who feels passion and enthusiasm for their work is much more likely to carry on the legacy and ethos of the business, ensuring that your hard work and dedication do not go to waste.

You’ll Get a Fair Price for Your Business

One of the biggest concerns for small business owners who are looking to sell is whether or not they’ll get a fair price. After all, you’ve worked hard to build your business up from scratch and you want to make sure you get what it’s worth. When you sell to an employee, there’s a good chance that you will. Employees who are interested in buying your business will likely have done their research and know exactly how much it’s worth. This means that you’re less likely to get taken advantage of and more likely to get the full value of your business.

The Transition Will Be Seamless

Another big benefit of selling your business to an employee is that the transition will be relatively seamless. This is because the new owner will already be familiar with how your business operates. They’ll know your customers, your suppliers, and your procedures. This means that there won’t be any major changes or disruptions during the transition period and that things will continue to run smoothly.

You Can Stay Involved (If You Want To)

Some small business owners worry that they won’t be able to stay involved with their businesses after they sell. However, when you sell to an employee, this doesn’t have to be the case. If you want to, you can stay on in an advisory role or even continue to work part-time. This way, you can still be involved with your business if you so choose but won’t have the same day-to-day responsibilities.

Not only did Terry receive a full asking price offer, but it was also a cash offer with very little handover required.

Selling your small business can be a big decision. There are a lot of factors to consider, including who you will sell to and how much you will sell for. If you’re thinking about selling your business, selling to an employee may be your best bet. It worked out for Terry, so you never know it might work out for you.