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Tips for selling an IT service business

Many business owners in North Carolina, particularly those who operate an information technology service, might be thinking of selling the business. There are some signs that could help them know if the time is right to sell.

First, the two main factors most entrepreneurs face in selling a business is the type of business they operate, and the reason they want to sell. While some people are investors and serial entrepreneurs who sell a business after they have built it up long enough to produce a lucrative return, other entrepreneurs may be in a more complicated situation before they can sell. For IT service businesses, there may be some factors signaling when it is a good time to exit.

Many entrepreneurs sell their business because they lack the financial resources and backing they need to keep it afloat. In many cases, hands-on investors and financial risks may become disagreeable to business owners after several years. Other business owners may have difficulty attracting a reliable team to successfully operate their company.

Another factor that may signal the time to sell is if business owners have lost interest. Exhaustion and a lack of enthusiasm for the business may be other signs it is a good time to close. A further reason to sell is if shareholders or partners have expressed a wish to cash out. Then there may be health issues, age and personal reasons affecting the decision.

Knowing when to sell a business can be difficult. For this reason, many entrepreneurs seek the advice of an experienced business attorney who could offer help with placing a value on the business assets prior to commencing negotiations with a potential purchaser.

Source: The Var Guy, "Is it Time to Sell Your IT Services Business?", Khali Henderson, Jan. 18, 2017

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Tips for selling an IT service business | Britton Law, P.A.