At some point, your business will cease being your business; either you sell (transfer) it to a family member, sell it to one or more of your business team, sell it to an investor, or, like over 80% of those who start their own business, you will transfer it by shutting it down because it did not succeed.
Most people do not think about transferring their successful business until just before they want or have to transfer it. It is sad that 78% of businesses listed are not sold. For those that are, it is sometimes at a price that is nowhere near what they “just knew” the business was worth, or what they could have gotten if they had only planned ahead.
Ready Your Business For Sale
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?
- 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.