Are you looking to sell your business?
If you sold it today, would it be at the value you need to invest in your next step? Whether you’re looking to sell and retire, or sell and move on to a new challenge, make sure you’re taking advantage of all the hard work you’ve already invested into this business—don’t let it go to waste. Yes, sometimes the price you’re getting will depend on things you can’t control, like the current marketplace or the economy. However, if you follow these four tips, you’ll be able to showcase the true value of your business when it’s time to sell.
- Discover Opportunities for Growth
When’s the last time you received a business assessment? Are you following your business growth plan? It may have been last quarter or last year but in many cases, it’s been years since you’ve really dove deep into a true analysis. Submerge your business in a thorough review and while you’re doing so, look for shiny new opportunities for growth and expansion. Before you sell, be able to highlight your retained earnings and the recent uptick in your success due to new endeavors. One way to increase growth while offering a more stable and long-term strategy is by diversifying your product mix. You may also want to consider hiring a management team that will make you more successful as you scale.
- Develop a Strategic Plan
So, you’ve found opportunities to help your business grow, but does that mean you need to take it all the way? No. Develop the growth plan but only be the first step in it. Lay it out for the seller to see and get excited for their future potential. If you demonstrate scalability and make it easy for them to hit the ground running, you offer more than potential, you provide the paved road to get there.
- Receive Professional Advice
Reassessing your business and analyzing opportunities for growth can be hard if you’ve been invested in it for so long. Sometimes a fresh perspective is a wider perspective. And sometimes finding a professional with experience using a wider lens is what your business really needs to expand, and do so quickly. We’ve mostly been talking about opportunities for growth but in many cases, you may need to find challenges that are hindering your growth and opportunities for efficiencies to lower your expenses. Whether it’s a consultant, a financial advisor, or specialist in the new product line you want to expand in, professional advice can help you see the bigger picture and your place in it.
- If You’re Ready to Sell, Be Ready to Change
Selling your business for a profitable value can take hard work and a lot of it. You’re not going to do it alone. Make sure you’re open to delegating to those within your team as well as those who may be more qualified to take on a task. You’re selling your business. It’s going to be hard. Letting past unsuccessful endeavors go, opening the door to new management, and allowing others to finish tasks without your oversight is part of the job. There are plenty of areas for you to invest your time, just choose it wisely.
The Support You Need
Whether you’re in need of a business analysis, a strategic growth advisor, or a team to help you scale, JK Consulting Group can be your answer. Don’t waste the time, energy, and resources you’ve invested in your business. Get the highest value possible. Call 973-809-5466 to speak with a business growth consultant before you sell your business below its potential value.