10 Aug Should you be preparing your business for sale even if you don’t want to sell it?
Should you be preparing your business for sale even if you don’t want to sell it?
Running your business can and probably is an overwhelming and time-consuming affair.
When you first started your business, it’s unlikely that you gave any thought to exiting or selling it but the key is to prepare your business for sale before you actually need to sell it
You probably have given little or no thought to the time when you would want or even need to sell it.
But if you had to sell your business tomorrow – is it ready? Are you ready? Are your team ready?
Even if you know that the actual sale of your business is a long way into the future, it pays to build a business that is always ‘sale ready’.
You might have a strong, stable and successful business, but if you want to build capital value and increase the long-term options for your business, strong, stable and successful often isn’t enough.
Many businesses provide a strong and stable income for their owners but would fail to appeal to an external buyer because the future financial success of the business relies too heavily on the business owner (you!).
Even strong businesses with good revenue and profits can be unattractive to buyers because of their reliance on the owner.
To ensure your business has a future, for you, your team and your customers, you need to start working ON your business and not IN your business, to make it less reliant on you and to build its capital value.
John Warrillow, creator of ‘The Value Builder System™’ and author of ‘Built to Sell’, shares an 8-step road map for building a company that can thrive without you.
Click here to access our Business Bitesize library that includes our downloadable ” Built to Sell ” report and for more detail about each of the steps in John’s roadmap and why it pays to prepare your business for sale before you need to sell it.