5 Things Small Business Owners Should Do Now To Prepare Your Business For Sale
- Get your own financial house in order.
Work with a wealth advisor to make sure that you are saving enough to live the life you want now and in retirement. Your business may be your most valuable asset, but it is important to access your business now to ensure your future. The right wealth advisor can create a plan to maximize the value of every dollar you pay yourself.
- Write out your business plan.
Having a business plan is crucial to your success and vital if you want to sell your business. Take the time to get detailed about all aspects of your business. Your business plan becomes the roadmap for creating value in your business and shows a potential buyer what to expect.
- Manage your company’s financials.
Your business will sell for some multiple of your company’s operating income. You need to know what your operating income is and the key indicators that impact your bottom line. Find ways to increase your revenue, decrease your expenses and ultimately increase your profitability.
- Make sure that your employees are happy and loyal.
The key to realizing the maximum value of your company is making sure that your business does not depend on you. Make sure that you have the best team in charge of operations, pay them well and put rewards and incentives in place to ensure you will have long-term employees.
- Invest as much as you can in marketing.
You want to strive to be known as the best in your industry. Don’t just advertise, speak to your target market to attract them to your business. Work on creating a consistent image and brand that your target market values.
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