You start a business and most likely you are excited. You have a great idea and you can’t wait to get going. At this moment the last thing you are thinking about is selling your business.
However, as your business gets established, the idea of positioning it for sale (even if you have no intention of selling) is always a good idea.You may indeed run your business for the rest of your life, or life make take an unexpected turn and you will need or want to sell. Either way, creating a business that is always positioned to sell is just a smart way to run a business. Let me explain.
Is Your Business All About You?
When I decided to sell my first business I went to lunch with my broker and described my business. I was really into personal branding back then and so I had formed my business in my image, injecting myself everywhere in it. Now, when it came time to sell, this was a liability. A buyer wants a profitable system for making money and if that system relies too heavily on the owner then you will likely be penalized with a lower valuation. I spent the next 12 months extracting my image from the business and ended up selling for the price I wanted. I could have saved myself a lot of effort by thinking about this when I started the business.
To read the full, original article click on this link: Think About Selling Your Business - From the Moment You Open the Doors | Small Business Trends
Author: Peter Renton
