21Jan 2020
Jan 21, 2020

TIP OF THE WEEK: 12 Steps To Prepare For Selling A Business

Are you prepared to take the necessary steps that will make your business stand out to the crowd and prepare for selling your business?

If sellers don’t take steps to stand out from the crowd and prepare for the business sale, they will likely not sell or be heavily discounted.

In their article, 12 Steps To Prepare For Selling A Business,  Exit Your Way, walks business owners through 12 important steps they can take to maximize the value and chances of selling a business.

A few of the topics on the list, to name a few

  • Maximize profitability
  • Minimize the working capital
  • Get Owners out of the critical path
  • Get business records in order
  • Seek professional advice
  • and more!

 

Show potential buyers how to be successful.  Potential buyers want to see that they will be able to come into the business, run it successfully, and increase the profits over time. Buyers don’t know that you are making improvements, launching a new product line or ready to land new customers. Get these things in the process, document them, and communicate to potential buyers. Better communication will help you have a much greater chance that they will better understand the business potential and value. Write down your ideas, plans and your progress on each. Explain how you think the transition may go with the new owners. Your plans will give buyers an initial path to follow while they are developing their own plans. Ask buyers for input. You might get some great ideas! Showing buyers that you have thought about how they might go forward and be successful will help to close the deal.

If you want to learn more about this and other important topics for business owners follow Exit Your Way® on LinkedIn, check out other blog articles, or email them: info@exityourway.us

“Exit Your Way® provides a structured process and skilled resources to increase business value 2X to 7X+ and get businesses sold”

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