- Prepare for new management. As soon as you make the decision to sell, begin doing what you can to help the business run “on its own.” The business should not, especially now, be just you!
- Accept the financing facts. You’ll likely be financing the sale of your business, since banks are traditionally unenthusiastic about loans for the purchase of most businesses.
- Make sure your own financials are accurate, detailed, and up-to-date. Get professional help, if necessary, to present yourself well “on paper.” Remember – this means seeing yourself in the same light as a prospective buyer, so rethink all those “perks” and hidden assets.
- Spruce up and pare down. Sell unused equipment and inventory. Nobody will want to pay for it – but they might worry it will get tacked on if they see it lying around. This is a good time to see what else needs a bit of spit and polish to make the best possible impression.
- Establish a realistic price for your business.
- Keep your selling plans to yourself, at least at the outset. Employees might react poorly to your “news,” and you need their stability more than ever at this crucial time.
We anticipate problems, manage expectations, and advise on different solutions.
OUR VALUE REALIZED METHOD
Most business owners won’t realize the full value of their business when they sell or exit because the business wasn’t packaged properly and wasn’t ready to sell. Businesses are competitive in the market when they have clean and organized books and records, trackable processes, and consistent, verifiable profits. Our goal is to help with organizing your financials, employee-related records, and other charts & reports so that a buyer will have more confidence in the business and pay accordingly.
