Selling your business may or may not be on the radar yet, but it may be in the future.
You may ask yourself:
- How much is my business worth?
- Who’d buy it?
- How would I sell it?
- Where do I start?
The best place to start is with knowledge and a plan!
Knowledge – Did you know?
- Value: If you’ve never had your business valued then it’s always worth less than you think, honest. A buyer does not pay for the potential you see.
- Time: If you’ve never been through a sale process it can take
- 12 – 24 months to get your business ready for sale. A buyer is going to tell you “it’s not worth that”.
- After that if you agree a price it can take 6 – 12 months to complete the deal
- Then there is often an earn out period after the sale is complete.
- Systems and processes: Let’s get straight to the point, the more systemised and process driven your business, the greater the sale price you will attract.
Plan:
Step 1: Structure. If you don’t already have clear and recorded systems in place, it will be difficult to demonstrate value in key areas.
Step 2: Processes. You need to have documented processes in place for all areas of the business
Step 3: The more the business operates independently of you, particularly around sales and business development, the greater the sale price you will attract.
If the thoughts of all that is a head-melter and you’d sooner pull your eyes out with a hot needle, it might be worth a cup of coffee, give us a shout.
