Yes, start preparing your small business for sale right at the beginning.
Even if you are many years away from selling your business, you need to ensure you are prepared. It’s important to mazimize the value of your life’s work or else why are you doing it? The time is now to develop a business exit strategy.
Small business valuations fluctuate and unforseen things happen. You could even be approached by someone who wants to purchase your business and the key is to always be prepared so that you can maximize the value of the sale.
There are a few things every small business owner can do now to develop a business exit strategy that will increase the value of your business later:
- Evaluate the competition
- Identify potential buyers
- Be pro-active
- Make sure you have the right advisors in place
Evalute the competition and try to find what makes you unique. What’s your unique selling proposition? Why would someone want to buy from you / your business instead of starting their own. If you have the competitive edge you are viewed as more valuable.
Identify potential buyers in your marketplace. Perhaps your biggest competitor would be interested in purchasing your company when you decide to exit.
Be pro-active about staying ahead of the trends and systematizing your business. Make sure you have the upper management in place so that the business can run without you in it. Over time phase yourself out of the business allowing others to run it sufficiently without you.
You want to have the right advisers in place to assist you with a sale. Whether it be your accountant, lawyer or business mentor. You will need others to help you with the sale and protect you from making the wrong sale.
Whatever your business challenge is, we can help you starting today.
Simply click the link below to schedule your free 30 minute, no obligation, phone consultation. We’ll focus on your #1 challenge, and at the end of the call we’ll give you at least one practical strategy so that you can move forward immediately.
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