A business
that is worth something to someone else will be growing and profitable and
well-managed – in short, everything that you would want your business to be
right now, even if you aren’t thinking of selling it.
If you
simply wake up one day and decide to sell your business or receive an offer out
of the blue, without proper preparation and planning you will obtain only a
fraction of the true value of the business you have put years of your life
into.
So start
preparing your company for sale today to allow you to choose:
- When to sell
- The buyer you want
- The value you deserve
-
Your motives for selling
- How to get the best price
- How to get into shape
- How to get the timing right
- How to minimise risk
- How to sell future strategy rather than past numbers
- Whether you can generate competition among potential buyers
- What type of sale is most appropriate
The factors
that make a business attractive to potential buyers are the factors that make a
business more attractive to you as the current owner. Potential owners want a business that is
stable, manageable, low risk, profitable and with good and growing cash
flow. As a business owner you should be working on making your business sellable a
soon as possible – even if you have no intention of selling it. This approach forces you to address those
areas of risk, strategic compromise or inefficiency that otherwise you would
put off and to find ways to deliver the sustained growth and profitability that
you might otherwise cope without.
If you do
want to sell your business then you probably need to allow two to three years
to prepare it for sale through a process of systemisation, for example,
documenting all your processes; compiling financial records; maintaining and
updating your business and marketing plans.
Attempting
to transform your business in this way without help is likely to be expensive
and problematic – if you knew how to do it you would have done it already. You should consult an experienced management
consultant or coach at an early stage to carry out a full audit of your
business and develop an action plan. The
increase in sale proceeds could be worth 15-20 times the cost.
Business
brokers Pace Equity and business advice firm Nick Bettes Consulting are
conducting a seminar which will give you further information and advice that
you can incorporate in your own business planning immediately. You'll also get
a chance to talk directly to our experts about your particular concerns or
challenges.
Follow this link for further details
and to register: http://successfullysellingyourbusiness.eventbrite.co.uk
