Sell A Business
You have worked hard and built a business, often through sweat and toil, sleepless nights and often with the weight of the world on your shoulders. The attachment you have to the business is human nature but the need to step out and look within the business is required. You need to plan for the Sale and make the business proposition attractive to others who obviously do not as yet have an emotional attachment. Businesses are valued first and foremost based on financials whether it is the assets of the business or the earning potential someone has from running the business. Hard facts with a bit of emotional value!
So where to start? Ideally 2-years prior to the anticipated sale date.
Consider does the business run without you input, or do you never go on holiday or switch off the mobile?
Are processes documented, can someone very quickly refer to a manual to find out how to?
Do people buy from you or the business?
Is there growth recoded for the last 3-years, managed costs and improvements in sales, profits, etc?
What is the external perception, goodwill and public comments on customer service?
Finally, how are you going to value the business and consider why someone would buy versus starting from scratch.