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How ready are you to sell your business?

How ready are you to sell your business?

Monday, 01 February 2021

If you’re a business owner, the chances are that at some point you’ve dreamt of selling up and moving onto the next chapter in your life. Some of you will have a more vivid dream than others. Maybe it climaxes with that yacht you’ve always wanted, or that shiny sports car, or golden beaches and crystal-clear waters, or simply an empty diary!

And then you wake up and the dream is extinguished for another day as you focus on the harsh realities and responsibilities of running your business.

So, how do you make your dream come true, and just as importantly, how do you make sure it doesn’t turn into a nightmare?

The answer is simple. Plan, plan, and then plan some more. Too many times business owners come to me wanting me to sell their business, and they want it sold TOMORROW! That’s fine, we can usually do that (well, maybe not within 24 hours!), but it often means they end up leaving money on the table for what is likely to be the most important business deal they will ever undertake. Why would you do that?

In the lead-up to a sale, there are a host of things a business owner can do to make sure the business is ready for sale. Most of these are simple, and many are good practice regardless of whether you’re intending to sell your business, but it’s surprising how many people don’t think about these things until it’s too late.

With this in mind, we’ve devised a free and insightful Sale Readiness’ diagnostic tool to give business owners a score on the nine key factors determining:

  1. How attractive your business is for sale;
  2. Whether you will maximise the final sale value; and
  3. The efficiency and smoothness of your sale process.

The online tool only takes five minutes to complete and your results will highlight the top three factors which are working well and the top three factors which require the most attention before you consider undertaking a sales process. You will also be able to see how you compare to the global benchmark (average scores of all completed diagnostics) on each of the nine factors.

Of course, if it would be helpful, my team and I would be pleased to discuss your results and guide you on your next steps. In addition, each month I will be releasing a blog on each of the nine factors to help bring them to life.

So, why not complete the ‘Sale Readiness’ diagnostic tool and start bringing your dreams to reality.

Next month’s blog: Sale Readiness Factor #1: Key attractions

James Lay

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