” The only way you are going to have success is to have lots of failures first.”Sergey Brin
Once a business owner understands their business sale objectives, the next step is to either look to increase the value of their business or prepare it for sale. If the choice is to prepare it for sale the first thing to determine is the preferred timeline in which the sale will happen. Also know what types of buyers could buy the business and which ones the current owner prefers is an important step.
Our strategy is to help the business owner conduct analysis of the business to see what elements would make the business hard to sell or decrease the value of the business. Some items that are problematic include items like:
- Over dependence of the owner in the business in general and specifically in the sales process
- Lack of documented processes which would make it difficult for a new owner to come in and take over
- Legacy pricing issues
- Financial statement and funding issues
- Human resources and other operational issues
Our role is to help the current owner understand the most important impediments to sale and how they decrease the potential value and to create a plan to remedy these issues based on the amount of time they have before they would like to sell. The more time we have before a sale the more that can be done. However, even focused effort in a short time span can make a business much more valuable and easier to transfer.
Contact us so we can assist you in learning what elements can be changed to increase the likelihood of selling your business and its value upon sale.