Everyone will exit their business somehow, some day, some way.
There are 5 Key areas to build your business value so that you will get the maximum price when it’s time to sell. Why not plan to do the BEST exit – a strategic exit – that provides the most wealth for you and your family. Read on a little more here below the video, or just jump in and watch. At the bottom of the article is a link to an Exit Readiness Assessment. If you complete that, we can have a talk about your business sale, timing and value.
Financial Preparedness – Have you built your earnings? Have you ‘recast’ your financials and added back “Excess Owner” compensation and perks that will go to the new Buyer?
Leadership Readiness – are you and other Stakeholders on board that this is a good time to sell? Do you need to or are you ready to?
Organizational / Operational Readiness – Can the business run without you? Can you take an extended holiday and things will keep running? Do you have all of your processes compiled into Standard Operating Procedures – in writing and being followed by your team?
Timeline – If you are not in an immediate hurry to sell now, then you have time to build some of these areas and be ready to present a ‘better, stronger’ version of your business to the market when it is time to sell.
Buyer Focus / Marketing – Have you thought about who the best buyers are for your business? Often it is not just the ‘highest bidder.” Sometimes it’s about how they will care for your company, its customers and your team after you are gone. It may be that one offer has more cash or better post-tax payment terms.
Here is the Exit Readiness Assessment
Good luck!
Kevin
