Insights and Business Advice
When selling a house making sure that the gardens are tidy, the interior is clean and pest treatments are up to date are all simple matters that can be taken care of before inspection times. This will attract the eye and cheque book of the purchaser with little need for negotiation.
If your chosen succession exit option (there are 8!) is to sell your business, then you need to ensure that your business is ready for sale. By addressing a few key issues upfront, you'll increase the probability of achieving a sale price that will ensure adequate return for the time and effort that you have invested in the business.
Theres projected to be a large number of business coming on the market in the next 5 years. This is due to the pending retirement of many baby boomers. With this potential oversupply of businesses for sale, this focus on getting the show in order is more important than ever.
But what is it you should focus on?
Well, the areas of your business that will affect the sale price are its value drivers. Maximising these will assist you in achieving your desired sale price.
Heres 7 business value drivers to focus on and compare to best practice businesses.
- Efficient systems
- Not owner reliant
- Benchmark performance
- Innovative and different to competitors
- Motivated staff
- Loyal customers
- Documented succession plan
So, are you really ready?
Contact Cliftons to go through a ‘Planning for Sale Checklist’. This will assist in preparing the information you will need to show prospective purchasers and is a great way of double-checking that your business is in order.