Here at Fluid Business Coaching we meet far too many business owners who have just left it too late. Often they feel that when they employ people they take on a responsibility and that responsibility can or has become a burden.
The owner has built his business by sheer hard work and determination. All that experience forms their common sense. Unfortunately, that sense is only common to them and they can’t get why the successors just don’t get it. It’s so obvious. It’s because only the owner has the experience but they don’t truly understand how they have achieved their success so they can’t pass on the experience and have to wait for the successor to ripen! It may take for ever.
How You Can Achieve a Smooth Handover
So, what can you do now, before you are ready to sell or transfer? Take a look at the following questions;
- Does the business run without you having to be there every minute?
- Does it have the best people as part of the team?
- Do the products or services that the business offers compete in a niche that makes them unique?
- Are the current customers the biggest and best advertisement?
- Most importantly, does the cash flow justify someone buying the business?
If you cannot positively answer the above questions or don’t know the answers, then your business is not ready to be sold at top price.
The good news is Fluid Business Coaching can help.