Even if you’re not ready to sell today, the proper preparation of your business will position you to sell at the RIGHT TIME, to the RIGHT BUYER, for the RIGHT PRICE.
Consider the following questions …
- Do I have a plan to sell my business?
- Do I have a child (or other heir) who will “inherit” my business?
- Have I identified the impediments or obstacles that might prevent the successful sale or other transfer of ownership of my business?
- Do I want to sell my business for the following reason(s):
- Illness
- Retirement
- Lack of Capital
- Growth Requires More Capital
- Burnout
- Boredom
- Partnership Problems
- Divorce
- Failing Business
- All Equity Tied up in Business
- Lack of personal time of money for family and friends
- Outside factors (Politics, Economics)
- Business is becoming too risky
- Do I have the time, expertise and resources to identify realistic value enhancement opportunities?
- Would I delay the sale of my business for 12-18 months to take steps to substantially increase its value?
- Do I have a 12 month business plan for my business?
- Do I have a long range (3 to 5 year) business plan?
- Do I measure my actual monthly results against my business plan?
- Do I use outside professionals when I review my business?
- Do I have a personal plan that reflects my life goals – beyond the business?
- Do I agree that my financial statements do not accurately reflect the true value of my business?
- Do I know the investment value of my business?
- Do I know the goodwill in my business?
- Do I know what kind of buyer I would like to attract to purchase my business? (Investment, Employee, Synergistic)
- Do I have the resources to locate and attract the right buyer?
- Do I have the resources to ensure confidentiality throughout the entire process?
- Do I have the ability to implement a No Asking Price strategy, and to manage a silent auction?
Related article: Selling Your Business is Like Running the Marathon
For a confidential consultation, please call 1-888-ROBBINEX, or email kristine@robbinex.com.
