You only get to sell your business once. For many it will be the largest sale they make in a lifetime so it is critical to get it right and the earlier you plan it, the better.
Linda Harley and Lisa Gilmour, from ABC Business Sales, share with us tips to prepare for the exit from your business.
ABC Business Sales offer a confidential service working with business owners and assisting them with the sale process and planning for a future exit. ABC has found the most successful sales are those that they are engaged with early in the process so the owners can make changes to optimise the future sale value.
It may be that you are just starting up your business with the excitement of new products and services and developing brand, systems and processes. However at this stage you should still consider how you will exit the business when the time comes to move on.
Before starting a business, you should have a plan of when and how you are going to sell it. Having an exit plan in place is not an indication of your lack of confidence in being a success. On the contrary, building your business with the “end in mind” will ensure you achieve the ultimate goal in business which is to sell and reap the rewards for what you have created.
Your business should be run in a way that, if you were to receive an irresistible offer today, you can be confident that the buyer’s due diligence would unearth nothing that would cause them to withdraw their offer. Once or twice a year, look at your business as though you were interested in purchasing it. When you look with buyer’s eyes, you may be surprised at what you see, and it will give you an opportunity to make changes that will ensure a smooth exit when the time comes!
For more information contact Linda at lindah@abcbusiness or Lisa at email@example.com