Owning a business requires a lot of work ethic. For years, you have to dedicate yourself to the long hours it will take to meet your goals. But, eventually, there should come a point where you can start coming in less often and let the force of nature take over.
You need to create a business that doesn’t depend on your presence to grow. Then, when it comes time to sell your business, the new owner will be able to transition easily into their new role.
But, growing a sellable business doesn’t just happen. It takes a plan. Check out my tips for hand’s off growth below.
Follow Your Business Plan
In life, when things don’t go to plan, you begin to feel worried about the future. You might panic and make a rash decision.
Buyers don’t want to feel like they are going to have to make a ton of big decisions right away. They want to walk into a calm and organized situation, as much as that is possible.
To encourage growth, consider creating a business plan that allows your business to become a cash flow machine. If you can step away from your business and it continues to bring in cash, then you know you’re ready to sell.
Hire the Right Employees
Don’t be one of those business owners who feel like they have to do everything themselves. Take the time to shape your team now so that you can pass the reins on when you want to retire.
While it’s nice to feel like you are in charge of all aspects of your business, by delegating tasks to your employees now you build a better-trained workforce that will add value to the sale price of your company.
Keep Solid Records
The last thing you want is to get to spend the three weeks before you put your business on the market looking for the records of all of your assets, leases, and tax records. The more organized your business records are now, the easier it will be to create an estimated value down the line.
If your business records are a bit of a mess at the moment and you intend to sell your company at any point in the future, take the time not to get things in order. There are only going to be more items to account for the longer you are in business.
Never Stop Thinking to the Future
Whoever is buying your business is doing so because they think that they can make money the same way you did. They use your records and plans to visualize their own future.
But, when you don’t have a plan for your company, selling it can seem like you are trying to push your problems off on someone else. Considering an exit strategy for your business should never be about getting rid of your business. Create the vision for your company’s future and then pass on the reins.
For Help Selling Your Business
If you want to get the best price for your business, you need to be able to set the right price and negotiate with authority. As a business broker for many years, I have the experience necessary to communicate the value of your company.
I will bring you buyers that are qualified, diligent, and ready to make a purchase. Contact me for a free consultation today.