Let’s discuss the Top Decisions You Need to Make NOW to Sell Your Business LATER!
If you’re an entrepreneur (regardless of how long you’ve been in business), there are 4 key decisions you need to make NOW so when you’re ready to sell; your business is too.
In this article, you’ll learn the first decision but be sure you check back next week because, with all four steps, you’ll have a step-by-step process to map out your plan, identify your ENDGAME, and make sure you’re sitting pretty on an asset you can cash in for the highest market value whenever you’re ready.
Word of caution – you may not think this is an important priority right now because you don’t think you’ll ever sell, or at least not for a REALLY long time (and who can focus on tomorrow when you’re trying to stay in the green today), but that couldn’t be further from the truth.
The most successful business owners consider their ENDGAME as soon as they have a vision for their product, brand, or service.
If you’re already beyond that point, that’s okay!
As long as you start preparing TODAY with the following four decisions, you’ll be able to reverse engineer (or work backward) to ensure your business is built for both now and in the future.
Most of our students join our ENDGAME program because they’re overwhelmed, stuck, or just plain confused by the idea of how to plan their profitable and successful exit.
If you can relate, know you’re NOT alone.
Key Decision One – WHEN
Unfortunately, most business owners don’t start planning for the end early enough and pay the price for their procrastination.
However, the few that DO give themselves plenty of time, measured in years, not months, to prepare for their eventual departure end up enjoying a smooth and successful exit.
That’s not to overwhelm you, but to ENCOURAGE you to the action! When it comes to business, never wing it. You need a planned approach so that when you’re ready to sell, your business will be too.
The first decision you need to make is regarding when you’d like to sell.
“When is the right time to sell my business?”
The truth is, there is no right or wrong. It’s entirely up to you. Maybe your heart just isn’t in it anymore or maybe you’ve been getting a few serious offers you think you should consider. Maybe it’s time to retire or move to your next adventure. Or maybe you can’t imagine ever selling your business.
I want to press you on that a little because none of us know what the future holds. What if you’re faced with health issues, family emergencies, or a number of other unforeseen instances when you need your business to be ready to sell for top dollar in an instant?
To answer ‘Key Decision 1’ – WHEN – ask yourself these questions;
- Is my business desirable? Meaning, is it in a state of growth and in a market that’s expanding?
- Am I well-positioned to attract ideal buyers?
Most students I work with answer, “NO” to both questions, and that’s okay!
Like it or not, selling a business must be planned (often) years in advance.
So, ‘When is the right time to sell?’ the answer is SIMPLE, but NOT EASY.
When your company has a solid record of growth and its market is expanding, and when you can prove to potential buyers that the future is bright by demonstrating a solid, consistent record of sales growth – THEN you know it’s time to consider selling.
Now, that doesn’t mean there’s nothing you can do now. In fact, the opposite is true. NOW is the time to set goals and work toward them.
Let’s say you set a goal of selling in 3 years.
From now until then, you need to create products or services to generate recurring revenue, build a strong team and automate your procedures and operations, and keep track of raving fans, so you have plenty of proof of just how valuable your business is.
If you’ve never thought about selling your business before today, try to visualize yourself 5 and 10 years from now (visualization is also super powerful).
Are you working in the same business? Are you thinking about retiring?
Whatever it is, just put a date on the calendar today but don’t overthink it (you can revise it at any time).
The key is to prepare your business and yourself today. If you’d like support or more information to set yourself up for a successful and profitable exit, I invite you to watch my free on-demand masterclass – How to Plan Your Smooth & Successful Transition from Business Owner to Highly Profitable Seller (withOUT headaches, brokerage fees, or accepting LESS than you deserve).
I’d love to know if you have selected a date to eventually sell your business.
Cheers to your next level of success! 🥂