Do you want to be ready to sell?

These are key pieces for your consideration.

  • Have your personal financial plan in order, including a likely net gain from the sale of the business.
  • Know the value of your business.
  • Know that these positive characteristics can impact the value:
    • Not being dependent on you, the owner – if you go away, do the clients leave with you?
    • Have recurring revenue
    • Be growing, not declining
    • Adapt to industry changes
    • Have a proper location
    • Have policies and procedures
    • Have staff with longevity
    • Performing well in comparison to industry standards
    • Not having client concentration – perhaps no single client representing 15% or more of your revenue
    • Know your COVID (or other significant impacts) and how you have weathered and recovered (note impacts for temporary things, up or down, may have zero effect)
    • Know your business – who are your clients, have the numbers and know what they mean, know your staff and their impact/cross trained capabilities
  • Similarly, things to avoid that have negative impact, work to change
    • The opposite of everything above

Need help with these things?  Ask me.  I have resources.