When selling a business, intense preparation and planning is imperative. An experienced mountain climber knows pre-climb planning is every bit as important as skilled maneuvering during the ascent itself. Just as a novice mountain climber would never tackle a mountain without a guide, a business owner should recognize that an experienced consultant and well thought out exit strategy are keys to a successful transaction.
The first step in preparing a business for sale is to determine your personal goals and exit strategy. The only reason to embark on a business sale endeavor is to achieve something of value. So, what do you hope to realize? Secondly, you need to decide who will handle the process. There are two options – manage the process personally or delegate it to an investment banking firm. You not only need to investigate the benefits of using an advisor, you also want to determine what to look for in an advisor.
Your last step is preparing your company for sale. This involves determining your business value as well as maximizing the marketability of your business. For more information on preparing your business for sale, select one of the following topics: