- March 22, 2022
- Posted by: Business Brokers & Consultants
- Category: Seller Articles
1. Develop a competent management team and a loyal workforce. Everyone in your organization should know who they report to and what is expected of them. Put quantitative measures in place for advancement. Your business is only as valuable as the people who make it work.
2. Keep clean books and records. Don’t intermingle personal and fringe benefits with your business expenses. This doesn’t mean you can’t participate in the Company’s Health Plan. You can still drive a company car. Just keep excellent record of those benefits. Be sure you can attach hard numbers to them. Buyers what to know the full value you from the business, not just the bottom line on the tax return.
3. Track your successes…. and failures. This involves keeping detailed records for cost benefit analysis. If you had the learn hard way, don’t doom your successor to do the same. Savvy buyers see value in things like a carefully developed product mix, proven adverting campaigns, and steady margins.
4. Develop your brand. Budget annually to build brand awareness.
5. Develop a relationship with a Business Broker right now. Don’t want to wait until you are in a position where you have to sell. We can offer an annual review of your Company and identify areas of concern while there is still time to do something about it. BB&C offers many of these services at low or no cost. A well plan exit strategy and an experienced intermediary will always bring a higher sale price.
Copyright; Pamela R Florence