Several times a week I talk to people who want to sell their businesses. Unfortunately, in most cases, the owners who want to exit the business have not done the work necessary to ensure their business will be valuable to a new owner.
This is tragic because the current owners could end up shutting down the business or spend years getting it ready for sale instead of living their dreams. If these owners had systematically developed their businesses, they would have been saleable.Buyers want a profitable business . Without profits, business purchases are very, very difficult to justify. Unless you have considerable value in your assets, your business is essentially worth nothing. Therefore, the first thing you need to do is improve your profitability. The higher your profitability, the more likely you are to get a high valuation of your business and the greater chance you have of selling your business.
Don’t leave preparing your business for your exit until it’s too late! Start the conversation with your family and your trusted advisors early to enable them to support you as you exit your company.Pivotleader Inc