All of us, no matter how much we enjoy our business, accept that whether by desire or by necessity we will have to step away from it at some point, which typically involves a sale. Whenever that time comes, we will want to achieve a good price and a relatively pain free experience.
1. Plan for the sale, years ahead. Your business strategy today needs to be based on building a business that you can sell tomorrow.
2. Build a strong team around you. A business that can work without you or when you have left is far more attractive to buyers. You can’t build a great business without great people.
3. Maximise your bottom-line net profit as the start point for the calculation of the value of your business will likely be a multiplier of profits.
4. Build your business with recurring income across a number of product/service areas. This is far more attractive to a buyer and will increase the value of your business.
5. Get your house in order. A buyer will undertake due diligence and will expect to see a well-run business with all compliance areas covered, staff procedures such as contracts/role profiles/appraisals in place as well as IT systems/GDPR etc etc
Here at UK Business Mentoring, we specialise in helping business owners to review where they are now, create a strategy for the future and scale the business to achieve maximum ‘shareholder value’ for the owner from a sale.
If this resonates with you and you would like to meet with a Business Mentor to discuss what your strategy for the future might be then please get in touch
UK Business Mentoring Group
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