If you plan to sell your business, give yourself a reasonable timeframe to bring your business into full market readiness. Set targets to improve performance and minimise risk.
- Financial: go beyond asking do the numbers add up. Where do revenues, costs and profit need to be, to present the best buyer opportunity?
- Strategic: potential buyers look for a compelling business model, sound management systems and streamlined processes.
- Human: be upfront with your team. Work through potential HR issues before taking the business to market.
- Assets: ensure all equipment is well-maintained, premises are clean and well-organised, and all assets are in good order. Potential buyers will be turned off by the need for any urgent major upgrade.
- Risk: assess the risks to your business and work to minimise them. Does the business depend on a single key client or supplier? Can you attract other clients or alternative suppliers? Or can you secure that key client or supplier with suitable contracts? Ensure your systems comply fully with all legislative requirements (such as health and safety) and all staff are fully trained on all systems.
- Legal: settle any court cases or disputes looming over the business before you go to market. Look at the ownership of all the business’ assets – do you or the business have complete (and documented) ownership over them all? Does the business have any intellectual property assets which give the business competitive edge? If so, make sure they’re trademarked and patented.
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