Business owners in Connecticut may work hard to build up their companies over the years, pouring in efforts and financial investments to create a success. However, entrepreneurs also may need to think about how to plan for the future, including their plans to retire and sell off the business. People may not want to think about an exit plan because they are so tied to the company, but it might be an important part of building a sustainable plan that helps it continue to grow and succeed.

Entrepreneurs may want to take some mental distance from their companies when they think about selling the business. Thinking about their businesses like an external project, rather than a personal one, can help them to get a better view of proper valuation and the sales potential. It can also be important to think about the specific items that investors value when purchasing a business, especially what can be considered an asset rather than a liability. An audit by a financial professional can also help to get a clearer view of the value of the company to an outside party.

A succession plan can be a part of passing the business on to future generations, but it can also be important for entrepreneurs who want to sell their companies. Some purchasers may want to buy a company with a strong management group already in place. In either case, open, honest communication about the future of the company can go far in building a solid relationship.

There are different options that business owners might pursue when thinking of selling their companies, including selling only a part of the equity to an investor. A business law attorney may advise owners about their options, develop a sales prospectus, review contracts and work to achieve the most profitable outcome for their clients.