Maybe it is something you have thought about, maybe it is not… Maybe it has been the plan all along…… I don’t know that answer, but, I want to share with you and inspire some thought around positioning your business for sale. Maybe it is not something that is on the cards for you right now, maybe it never is… That is ok.. I still highly recommend being mindful about setting your business up and running it like that is the end goal….
For a few very simple reasons really;
- It holds you to a standard and expands your thinking beyond your own desires;
- It is a great way to set benchmarks and to push yourself to ensure you are striving for and achieving best practice;
- You never know what the future holds… never say never. There may come a day that your business is offered for sale for one of a million reasons…
Here are 12 things to consider that are a sure way to attract the ultimate buyer to your business and give you confidence in what you are offering for sale.
Inefficiencies and wastage have been eliminated
There is a stable management team in place for over 2 years
A bench-marking system is in place with monthly financial and KPI reporting exists
There is a programme for continuous improvement
There is a programme for ongoing business growth
There is a sustainable marketing and sales system in place
Strategic value to the potential buyer is identified
The potential of the business is clearly demonstrated
A formal business plan is in place and updated regularly
A formal budget is prepared and actual performance is monitored against it
Intellectual property is fully protected
All legal documents are standard and provide protection from litigation
Like I said, regardless of whether the sale of your business is on the cards now, later, sometime in the future or never, being across these 12 systems and items will set your business up with the structure it needs to grow, be sustainable, flourish, and for your team to be able to find a space of certainty to build upon. This is a great benchmark to build upon to develop a best practice business which should always be our aim and goal.
- How many can you tick off this list?
- Where are the gaps in your business?
- Where are your strengths?
And, with just some slight tweaks, what can you improve?
If you were to focus on one area right now which one would have the biggest impact on your business?
Complete your leadership and business assessment FREE to gain more insight into the strengths and gaps of your business and your leadership style. please click here.