Having your business ready for sale will increase your chances of achieving an outcome that meets your expectations. With an increasing number of business owners retiring, more businesses are coming on the market. Being sale ready is more important than ever.
Businesses that are well managed and profitable will be more attractive than an underperforming business.
To get sale ready, check that the following are in order:
- Documentation of systems/processes
- Sound financial history and positive outlook
- Strong balance sheet
- Quality and spread of customers
- Degree of owner/key person reliance
While the above list is not exhaustive by any means, it provides a good starting point. Getting your business ready for sale takes time. The sooner you start, the more time you have to get the result you want.