January 8, 2015

Questions to ask yourself before selling: What obstacles could pop up?

Over the past few weeks we have been talking a lot about some soul-searching questions that you need to ask yourself before deciding to sell your business. Even agreeing to enter a partnership or merger can be a tough decision if you are on the fence about any part of the acquisition strategy.

When it comes to making the choice that is right for you and your company, it is important to know what your limits as a leader are, and what strengths you bring to the table. Separating your emotions from the business is hard, especially if you helped to build the company, but knowing what the business needs — and what you are able to provide — is a critical part of the planning process.

One of the best questions to ask yourself when you are thinking about selling is what potential deal breakers might delay the sale.

"Unresolved issues can rear their ugly head and interfere with a sale, particularly in areas such as company ownership, accounting and intellectual property rights," writes Lisa Girard, in a post for Entrepreneur. "For example, an owner may have used a contractor to write software for the company without requiring him to assign his rights to the company.[…] So, consider what your potential deal breakers are and try to resolve them before you're near to closing a deal."

If you are confident in your desire to sell the company, being sure to level the obstacles that could get in your way before the process starts is a good practice to get into. To learn more about the acquisition process, follow along with the blog for the latest tips and tricks.