To get ready to sell your business, you will need to start preparing years in advance. It’s like wanting to sell you home, you don’t know when, but you know you wish to sell it. It could happen years from now or it can happen tomorrow. Key to Success of selling your business! Be ready at all times !
Some things to decide
This is not a complete list, but it is a list of things to start the process of selling your business and marketing decisions.
Establish preliminary exit objectives
- Prepare for life after retirement
- Get market information
- Start working on your team-intermediary, investment banker or broker
- Review value drivers and what to do to enhance them
- Get your employee prepared
- Start your tax planning (this takes time to position yourself and organization
- Implement the incentive plans and stay bonuses
- Market to potential buyers
- Establish a departure date
- Define what you need for your financial security from your business
This is only a brief list of what you need to start working on before you sell your business. Keep in mind that the sooner you start the better the chances or selling with more potential profile. There is a lot of work to do if you wish to extract from your business the highest possible potential profit from your business.