Selling a business on your terms has its rewards and subtle benefits. Many times, I’ve heard “why would we want to sell, were making good money” or… “we may look at doing something in 5 years” or… “we haven’t really thought about selling yet or even an exit strategy”.
Things never stay the same and people’s circumstances can change – quickly!
I network regularly with Accountants and Solicitors and I’m a strong advocate for buyers or sellers to engage these professionals. Our main topics of conversation are usually about …
- ·       BUSINESS PLANS
- ·       CASH-FLOW PROJECTIONS
- ·       EXIT STRATEGIES
- ·       PLANNING FOR GROWTH
- ·       DUE DILIGENCE PACKS
There are many business owners operating businesses with not one of these points above in action, (or written down) How can this be? And What’s the solution?
One of the smart things a business owner could do “to sell a business on their terms”, is this; engage a professional business broker (one they trust & feel comfortable with) Doing due diligence on the broker is recommended, conduct it like an interview – as they are not all the same. Now commence a “Health Check” on the business.
The health check covers many crucial aspects of the business, things that business buyers usually “drill down” on. So, there should be no shortage of preparation and planning when the decision is made to sell or exit the business at a time frame that suits. A good broker will discuss the specific aspects and much more that once the Health Check has been completed – the Seller is in a stronger position to sell.
Want to know more about our Business Checklist to conduct a Health Check on your business please contact Ian Salter
