As more and more boomers prepare to sell their businesses, they should be asking the following questions: Who is going to buy my business? What have I done to make my business attractive to potential buyers? How will I get the money I need out of my greatest investment?
If you have these questions and are wondering what to do, I offer the following advice.
It is important to understand that if you want to maximize your business value, it will take some time to set things up. Preparing a business for sale should not be something that you decide to do after you put up the for sale sign. A well-made exit plan will take anywhere from 2-5 years to develop and execute.
A good start would be to complete an initial evaluation of your business by comparing it to the best in-class companies of its kind. From there you can develop a road map which will allow you to create a more manageable process to fix the things that need fixing. Continually using this process is a great way to ensure you are always creating value within your organization.
It is easy to get lost in the myriad of business best practices floating around. I understand what it’s like to be working in the business when you should be working on the business as I have been there before. Feel free to contact us with any questions you may have on this or any other small business topic. We are here to help.