When it comes time for a business sale, business owners generally are aware of the need to show high profitability, and, and, and…
This is your business, and you have a great deal of pride in what you built. You know everything about the business inside and out. You have served every function of the business as it has grown over the years, and probably solved problems along the way most people would never even think about. These are great things you should be proud of. However, the final stage of preparing your business for sale will require you to replace yourself with others on your team. This is because buyers will want to envision themselves at the helm of your business. If your daily presence is integral to the business’s continued success, that will create concerns with your potential buyers. Ask yourself these questions:
- Do you run day to day operations, or can the company run on its own while you’re in Europe for a month?
- Do the customers call you when they want to order more or have a service problem, or does your sales person/team manage the customer interactions?
- Do you have such a complicated business that you need to manage day to day problems, or can your team of employees handle those?
- Does your team contribute strategic ideas for growth, or do you make all the decisions?
- Have your employees been empowered to think like owners, or are they happy to let you solve the tough issues?
When it is getting close to the time to sell your business, perhaps the most important value contribution you can make is empower your team and distance yourself from daily operations.
Are you considering selling your business? Crestone Business Group can assist you. Get in touch today to learn more about our services.
The Crestone Business Group is a full service business brokerage firm. This Colorado premier business advisory has helped sell dozens of businesses over the past two decades for the highest price that the market would bring. Crestone Business Group is supported by the best brokers today. Call or text (719) 330-4715.