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.