Selling a business can be a great way to make a large sum of money quickly. However, it can be difficult to sell a company in North Carolina or any other state if it costs more than $500,000. This is because many believe that it would be easier to start their own company for that amount of money. Furthermore, it is rare that an entrepreneur has $500,000 or more in spare cash.
Large companies don’t like to buy businesses for less than $5 million. Therefore, if a company is worth between $500,000 and $5 million, it may be difficult to sell. However, there are other ways for business owners to exit their companies. For example, it may be possible to delegate tasks to others within the company and commit perhaps a day or two per month to working the business.
It may also be possible to sell shares in the company to a core management team that understands the company and can run it properly. The purchase may have to be done in increments over a period of several years. Finally, it may be a good idea to look for a another small competitor to join forces with. The combined company would then be large enough to be purchased, and the sale price could potentially be millions of dollars.
In many cases, business transactions are complex events that require all parties to do due diligence. Business owners who are considering selling their companies may need to spend time organizing key documents and taking other steps to make their companies more appealing to buyers. An attorney may be able to help organize those documents and take other steps to help buyers learn everything that they need to know about a company before making an offer.