by: Scott Kroh
You started your business as a single employee and have built it to a point that you dreamed of years ago. Today, you have great employees, satisfied clients and have achieved great success. Now, you are ready to pursue either another business venture or simply want to retire to enjoy the “fruits of your labor”.
So what is the next step? Are you going to transition the business to a family member? Sell to your management team or employees? Or find a broker to sell to a corporation yet to be identified? And, how are you going to make sure you get the best offer for your business?
The actual sales transaction for your business is the easy part. It’s the preparation which will take time and effort. After all, the preparation is very important, because you only have one opportunity to sell. In fact, many questions must be answered and thought through prior to sale. Not the least of which is what areas of your business need improvement prior to the sale to ensure you get the best offer possible?
Six areas that “could” possibly require focus prior to a sales transaction include:
- (1) Accounting and Finance
- (2) Company Culture
- (3) Human Resource
- (4) Leadership
- (5) Operations
- (6) Sales and Marketing
Making sure that each of these areas are “strong” and functioning effectively will help you get the offer you want and deserve.