Twenty-five Other Things to Consider When Selling Your Business

As promised earlier this month, here are the other 25 things to consider when getting ready to sell your business.

The point of this 50 item “to-do” list is (1) there is much to be done and (2) its never too early (or too late) to start. Your ultimate goal is to build an efficient business that can successfully operate and provide significant cash flow even if you (the owner) aren’t at the control panel. When you have a business that can operate without you, you have created significant value for you and you have the time to enjoy what you have built.

Take a look at the following points and those listed above. Ask yourself what you are doing about them? When will you develop a plan that guides you to building a successful business? And when will you take action?

1. Hire competent advisors and understand their roles
2. Screen potential buyers
3. Differentiate your business by creating a niche
4. Make sure partners / decision makers are on board with the decisions
5. Plan for training and transition
6. Understand the letter of intent is a starting point for negotiations
7. Understand that not all lenders are the same
8. Keep running the business as normal
9. Be flexible on business meetings and showings
10. Learn how to confidentially market the business
11. Diversify your customer base and products
12. Create a list of growth opportunities that have or have not been pursued
13. List strengths and weaknesses
14. Consider outsourcing some services
15. Create database of past and current customers
16. Review / upgrade software and technology
17. Report all sales
18. Consider a product display or showroom
19. Systematize processes
20. Prepare for the unexpected in selling the business
21. Consider lease vs. buy for equipment
22. Total cost analysis of products / services
23. Consider selling the business separate from the real estate
24. Calculate inventory carrying cost
25. Think like the buyer

We are ready now to work with you. As certified business coaches Dennis and I would be happy to help you build your plan for selling your business. More importantly we can discuss creating value in your business (before its sale) by using the above considerations.

We call it: “Building a commercial profitable enterprise that works without you.”