The exit of your company is not an easy task – unless you simply want to close the doors. It’s a sad statistic, but I’ll throw it out there anyhow. 9 out of 10 small companies on the market will never sell! Wow! What if that is you? Are you relying on that payday to finance your next chapter in life? If so, read on…
As a seller, what can you do to protect yourself from this happening to you?
- Determine Your Exit Goals. Whether you are selling your company this year or ten years from now, the best time to plan your exit is TODAY! Begin by determining how much you need to net, after taxes, from the sale of your business in order to leave your business in the style you want and deserve.
- Get a Valuation of Your Business Today. All too often sellers wake up one day and say “Enough is enough!” They are burned out or they are having health issues! For those reasons, and others, business owners should always know the value of their business.
- Determine the Gaps. What’s bringing the value of your business down and more importantly, what will increase the value of your business?
- Develop an Action Plan. Prioritize the categories you have identified as gaps in the last step and develop a detailed action plan to improve your business.
- Take Action! With your action plan in hand, you must take action. This is the only way you will be able to achieve the goals you established in step one.
If you are like most business owners, your business is probably your most valuable asset. Treat it as such. Follow these steps to increase the value of your business so you can leave in the style you want and desire. If one day you wake up and have to sell the business, then you’ll be more prepared to meet your exit goals.
Want to sell your business? Visit www.dovetailadvisors.com to learn more.
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