Whether you are considering selling your company or have already made the decision to sell it, there are several key areas that will greatly benefit you to explore now, with the purpose to asses how exit ready you are, today.
When selling a business, consider there are many factors that play a role in receiving a top dollar valuation.
To maximize that value for your company, continue reading.
First, whether you are a small, medium or larger business looking to exit, you must have the right person/people in your corner to not only share your plan with, most importantly to strategize with you, creating a “mastermind” type of environment to work within.
When I say work within, I am speaking from the place of having the right people to consult with, that are aligned ultimately for your greatest interests.
In this instance, the value and appeal of your business as that greatest interest, and how having this will expand outward beyond just your business, positively impacting other aspects of your life, including that which is most important to you, whatever that may be.
As an example, well over 100 years ago, Henry Ford, a gentleman who is famous for the assembly line, actually had nothing to do with creating the line, though Ford is often thought to be the visionary of it.
Interestingly, Ford, introduced the line second to market in his industry, the automotive industry, with Oldsmobile being first to market.
What Ford is famous for is implementing key innovation, building the assembly line on a large scale to mass produce automobiles, and thus, dramatically increased the value to his company, so much so, that he is thought to be the originator of the first assembly line ever created.
Talk about leaving a lasting impression!
The purpose of mentioning Ford is that he is well known in higher circles for stating he was not the most intelligent man. He stated it was whom he had within his team that knew more than him, as he brought in people to advise him on how to make things work on a larger scale.
He called these people experts in their respective field.
So take it from a man famous for something he did not originally create the idea for that is often mistaken for doing so.
Make it a focus to have the best people in your corner.
The 2nd is to create an actionable plan.
The then the 3rd to implement that plan. This will be a key area when your
advisor(s) will pitch in to strategize with you. This happens within a “mastermind”, which is 2 or more people coming together for a common cause to gain clarity on a particular focus or topic.
So, even if it seems like you do not have the time, or that you have other plans in mind prior that you may be focused on, step back for a moment, asses, speak with your team, then create, and then implement a plan that aligns with your goals.
Often that plan may be and is often to determine; “What are my keys goals in being able to sell this business for top dollar and exit from it?”
Another question may be: “Which area(s) are best to focus on first?”
And another “Why are these areas the best to focus on?”
Another: “Who can best help me brainstorm to get clear on my goals?”
The point is to be thinking and be in conversation with key people whom get this and will help you focus on that which is best to prioritize.
Start with the right foundation, then execute on that foundation.
Do what works.
Don’t just wing it,
or go out the cheapskate way,
or say its too much effort,
or its too hard with a lacking mindset, as you will literally pay for it in the end, leaving money on the table, had you instead made the time for, making the investment for, instead of seeing it as an expense, and above all, it’s about the effort.
Personally, I have noticed that we as people prioritize certain things and we lack priority in other areas. Often focusing on lower value areas that greatly impact our ability to live a truly amazing life. When I say lower value, I am not just speaking about it monetarily or financially.
While there is much more to say on this topic, we’ll leave that for another post.
Focus on the starting point, the foundation, your foundation for which you will be on your way to creating. Increasing the value of the business and greatly increasing future interest and appeal of your business to potential buyers.
– Justin Fishman, The Real Dealmaker™