Plan a Business Exit Strategy

As the owner of a business, someone else's dream may have been to build your business, but couldn't afford the time too. Yes, there are people out there wanting to own their own business. When it comes time for the sale of a business, preparation is the key to success.
As well as putting yourself in the perspective of a buyer (as a business broker would recommened), will be helpful in seeing things you may not see normally. So when the time comes to close the deal, your business is positioned in its most salable form, at you get top dollar.

Accounting records. Every business should have implemented a proper digitalized accounting system, if not - it's time to organize it. This means you can have financial reports available (weekly, monthly, quarterly, etc.) It's also advisable that you have prepared established tax law & regulation procedures, and written documents of key functions in the business. A potential buyer doesn't want to be scared off by the financials of the business when first inquiring, or come into the business to clean it up. Make the business look easy to jump into, by removing barriers to entry and you are more likely to sell.

Looks Count. As important are the finances of the business, the looks of the business are just as important. Get the odd jobs around the office fixed, fix the signage you've been looking to redo. Fix the broken kitchen fixtures, replace the mankey old rug. Just how you can hire house decorators to make the house more attractive, you can do with your business.

Unwanted Surprises. A buyer is easily scared off by undisclosed issues in a business. So before you enter the sales process, clean up all the loose ends right away. Whether it is an operational, legal, billing or stakeholder issue. Make sure that if they are not resolved before the sale, to make the buyer aware of them. If a buyer gets news of you hiding something from them, they're more likely to walk from a deal.

Non-disclosure sale. Where possible, keeping the sale of the business confidential will help negate any potential negative ramifications. On occasions it can take as little as 3 months to longer than 12 months to sell. You do not want to run the risk of scaring your employees during this time. Clients may take the opportunity to use a competing business, knowing that you plan to move on from the business.

It's important to remember when wanting to sell your business, preparation & planning are keys to a successful strategic sale. Reworking broken systems & tying up loose ends will increase the saleability of the business.