As a medical professional, you know the value of hard work. After those long years in medical school, passing your board exams, and finally becoming a certified physician, you successfully built an impressive practice. You’ve served countless patients and worked countless hours to provide the highest standard of care for those who trusted you with their medical needs, and now it’s time to enjoy the fruits of your labor.

You started with a dream and a few good people, you worked hard, and you’ve built a strong, successful software company. Now, you’re looking to cash in on that hard work and move onto bigger and better things. Or maybe you’ve gotten some fantastic offers on your company and you want to make sure you handle the sale of company like a pro. 

No matter your situation, selling a software company can be stressful, especially on the heels of a global pandemic, social unrest, wild presidential election cycle, need I say more?

We've laid out the top 10 things to consider before you consider the sale of your software business in 2021.  Read on to learn more about how to approach this process and ensure that you receive the outcome you desire.

Putting your business on the market is a major, and potentially life-changing, decision. Whether you retire, shift to a new opportunity, or just want to hand the company over to someone with more enthusiasm, it can be difficult to let go of something into which you’ve poured much of yourself. These strategies can make the transition easier and increase the odds of a lucrative sale.

Sooner or later, every entrepreneur will either want to retire or be forced to. Yet most never think much about the future of their business after they’re gone. It’s easy to become so tied to your business that you cannot separate your identity from it. Even if you cannot imagine leaving your business any time soon, the time to plan is now. Here’s a rough overview of your options. 

It’s a familiar scenario to exit planners: a small business owner in the suburbs has owned a business for many decades. Now they’re seriously considering an exit. Their sales are up and the economy is thriving. New entrepreneurs are eager to invest in quality businesses. But there are liabilities, too: the owner’s tax returns do not align with their profitability thanks to unreported sales, personal expenses, and other creative tax management approaches. This tax minimization has been highly successful, but it now presents a serious barrier to highlighting the full profitability of the company.

Finding a buyer for your business is a lot like dating. Business owners are often so flattered to have an interested buyer that they forget to focus on ensuring that the buyer is the right buyer. Buyers are not scarce if you sell your business, and its story, in the right way. 

If you’re contemplating a business sale, odds are good you’ve never done this before—and that even if you have, it’s only been once or twice. Selling a business is a skill that demands practice, which many sellers lack. To get the most out of the sale, avoid these rookie mistakes: