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For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course, but if you\u2019re leaning toward a business sale, here are seven ways to prepare:<\/p>\n
1. Develop or renew your business plan<\/strong>. Identify the challenges and opportunities of your company and explain how and why it\u2019s ready for a sale. Address what distinguishes your business from the competition, and include a viable strategy that speaks to sustainable growth.<\/p>\n 2. Ensure you have a solid management team<\/strong>. You should have a management team in place that\u2019s, essentially, a redundancy of you. Your leaders should have the vision and know-how to keep the company moving forward without disruption during and after a sale.<\/p>\n 3. Upgrade your technology<\/strong>. Buyers will look much more favorably on a business with up-to-date, reliable and cost-effective IT systems. This may mean investing in upgrades that make your company a \u201cplug and play\u201d proposition for a new owner.<\/p>\n 4. Estimate the true value of your business.<\/strong>\u00a0Obtaining a realistic, carefully calculated business appraisal will lessen the likelihood that you\u2019ll leave money on the table. A professional valuator can calculate a defensible, marketable value estimate.<\/p>\n 5. Optimize balance sheet structure<\/strong>. Value can be added by removing nonoperating assets that aren\u2019t part of normal operations, minimizing inventory levels, and evaluating the condition of capital equipment and debt-financing levels.<\/p>\n 6. Minimize tax liability<\/strong>. Seek tax advice early in the sale process \u2014 before you make any major changes or investments. Recent tax law changes may significantly affect a business owner\u2019s tax position.<\/p>\n 7. Assemble all applicable paperwork<\/strong>. Gather and update all account statements and agreements such as contracts, leases, insurance policies, customer\/supplier lists and tax filings. Prospective buyers will request these documents as part of their due diligence.<\/p>\n Succession planning should play a role in every business owner\u2019s long-term goals. Selling the business may be the simplest option, though there are many other ways to transition ownership. Please contact our firm for further ideas and information.<\/p>\n \u00a9 2018<\/p>\n [\/fusion_text][\/fusion_builder_column][\/fusion_builder_row][\/fusion_builder_container]<\/p>\n","protected":false},"excerpt":{"rendered":" [fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=””][fusion_builder_row][fusion_builder_column type=”1_1″ spacing=”” center_content=”no” link=”” target=”_self” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”left top” background_repeat=”no-repeat” hover_type=”none” border_size=”0″ border_color=”” border_style=”solid” border_position=”all” … <\/p>\n